CHM Blog

Yesterday optimism over a deal with Iran was a hot topic when Sec of Treasury Bessent commented a deal to open the Strait may happen yesterday or today. There isn’t any deal yet.

This morning crude prices are slightly higher, stock index futures at 9 am ET continued to improve. At 8:15 am ADP reported its private jobs, expected +75K were up just 44K the least in six months.

MBA mortgage applications last week were weaker than the prior week that also saw applications decline. Applications fell by 2.9% on the final week of July and extending the 6.4% decline in the earlier period. Applications to refinance fell by 2% from the previous week to the lowest level since May of last year. Applications for a mortgage to buy a new home fell by 4%.

Minneapolis Fed President Neel Kashkari told CNBC that he thinks the central bank should “start slowly moving up” rates. Kashkari was one of three dissenters at last week’s policy meeting who voted against the decision to hold benchmark rates steady.

At 10 am July ISM services sector index, estimates were 54.5 from 54.0 in June, the index 54.1.

PRICES @ 10:00 AM

10 year note: 4.64% +2 bp

5 year note: 4.36% +3 bp

2 year note: 4.23% +2 bp

30 year bond: 5.18% +1 bp

30 year FNMA 6.0: @9:30 am 101.51 -3 bp (+10 bp from 9:30 am yesterday)

30 year FNMA 5.5: @9:30 am 99.50 -6 bp (+2 bp from 9:30 am yesterday)

30 year GNMA 6.0: @9:30 am 101.91 +6 bp (+12 bp from 9:30 am yesterday)

Dollar/Yen: 157.54 -0.19 yen

Dollar/Euro: $1.1544 +$0.0013

Dollar Index: 99.73 -0.13

Gold: $4,258.70 +$106.10

Bitcoin: 64,186 -34

Crude Oil: $75.25 -$0.52 (Brent crude unchanged)

DJIA: 54,711 +625

NASDAQ: 26,673 +88

S&P 500: 7780 +44

Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.