CHM Blog

The only data today, weekly MBA mortgage applications for last week. Overall apps +1.9% from the previous week after two weeks of declines. Purchase apps +5.5% after falling 7.3% the week before, refinance apps -2.4% from +3.5%.

Three elements that can keep rates from declining in any significant way: the Iran situation, the Fed is likely to increase their key rate, and the US debt that now tops $37 trillion. Recent CPI and PPI data in June was encouraging but with crude continuing to increase and the Iran situation having no end in sight, inflation will likely stay high. As for the US debt, it will cost more (higher rates) to finance it.

This afternoon Treasury will sell $13B of 20 year bonds.

PRICES @ 10:00 AM

10 year note: 4.64% +1 bp

5 year note: 4.39% +1 bp

2 year note: 4.29% +1 bp

30 year bond: 5.14% unch

30 year FNMA 5.5: @9:30 am 99.42 -9 bp (-11 bp from 9:30 am yesterday)

30 year FNMA 6.0: @9:30 am 101.43 -3 bp (-9 bp from 9:30 am yesterday)

30 year GNMA 5.5: @9:30 am 99.85 -11 bp (-11 bp from 9:30 am yesterday)

Dollar/Yen: 163.05 -0.13 yen

Dollar/Euro: $1.1416 +$0.0018

Dollar Index: 101.04 -0.13

Gold: $4,147.00 +$70.60

Bitcoin: 65,845 -572

Crude Oil: $86.77 +$2.43

DJIA: 52,454 +227

NASDAQ: 25,781 -56

S&P 500: 7512 +4

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.