• Home
  • About
    • Our Advantage
    • Meet the Brokers
    • FAQ Using a Broker
  • Pre-Approval
    • Pre-Qualification Form
    • Loan Application
    • Documents Required for a Home Loan Mortgage
    • Credit >
      • Imperfect or Bad Credit Loans
      • Fico Score
      • Good Fico Score
      • How Fico Scores Work
      • Fico Scores Ignore
      • How Fico Scores Help
      • Fico Tips
  • Loan Types
    • What is an Arm?
    • Conventional Loan
    • FHA Loan
    • VA Loan >
      • VA Loan Eligibility
      • VA Refinance IRRL
    • HARP
    • Jumbo Loan
    • Hard Money Loans
    • Reverse Mortgage >
      • What Is A Reverse Mortgage
      • Benefits Of A Reverse Mortgage
      • Reverse Mortgage VS HELOC
      • Loan Process
      • Reverse Mortgage Presentations
      • Reverse Mortgage Quote
  • Buyers/Sellers/Homeowners
    • Refinance >
      • What Not To Do When Refinancing
    • First Steps in Homebuying >
      • Down Payment Strategies
      • Rent vs. Buy
      • 6 Benefits to Owning Your Own Home
    • After You Sign the Contract
    • The Loan Process
    • Mortgage Payment
    • FSBO
    • Preparing for an Open House
  • Blog
  • Support
    • Property Search
    • Property Tax Information
    • Mortgage Glossary
    • Mortgage FAQs
    • Useful Links
  • Contact
  • Reviews
Effective Mortgage Company
Follow Us

Effective Mortgage Company

Blogs on Mortgages, Markets And Other Items Of Interest. Stay Up To Date!

Blog

Market Update

6/25/2015

0 Comments

 
EU finance ministers set to meet this afternoon, again. Going over proposals submitted by Greece, Tsipras and the heads of the European Commission, the European Central Bank and International Monetary Fund met to try to work out a proposal to present to Eurozone finance ministers, but are presenting two different drafts for approval. On June 30, Greece has to transfer €1.54 billion to the IMF, a payment that it won’t be able to make without new financing from its international creditors, the IMF, the ECB and other euro-zone governments. Apparent differences between the creditors developing.

This morning May personal income and spending; income up 0.5% about what was thought, spending though was strong, up 0.9% the best in six years and better than 0.7% expected.  The outperformance of personal spending relative to personal income is encouraging because it indicates more consumer confidence and a weakening of the trend towards higher saving that has been dragging on economic growth in the first half of 2015. The PCE expenditures increased 0.3% overall and +0.1% on the core. Yr/yr PCE +0.2%; yr/yr core +1.2%. PCE is what the Fed looks at most on inflation. Weekly jobless claims up 3K to 271K; 16 weeks under that 300K pivot.

 Not news that most attention is on Greek creditors and what Greece itself can actually do about it. The IMF has stood strong until now, signs coming from meetings suggest the IMF may relax a little on demands to cut pensions. Talks remain at a standstill and we expect that will continue until next Monday, the day before Greece has to pay the IMF. A betting man would go with another extension when the clock ticks to mid-night.

 German Consumer Climate indicator was lower than expected, falling to 10.1 in July from 10.2 in June. Spain's Producer Price Index declined 1.4% yr/yr in May, more than expected and more than the 0.9% yr/yr fall in April

 The DJIA opened +59, NASDAQ +14, S&P +5. At 9:30 the 10 at 2.39% +1 bp, 30 yr MBS price -14 bp frm yesterday’s close and +1 bp frm 9:30 yesterday. The stock market looking increasingly weaker, not biting on better economic reports better than expected. Global equity markets increasingly softer. Greece still rules but watch the stock indexes.

 Yesterday Treasury sold 5 yr notes, the demand was not quite as firm as demand for Treasuries over the last month. This afternoon Treasury will sell $29B of 7 yr notes.

 Once again no significant movement in the US rate markets, although the 10 yr is up 1 bp and MBS prices slightly weaker after improving yesterday. As long as the Greek issue is unresolved the interest rate markets and global equity markets are being led by the nose on about any news regardless of what the news is.

 
Everything continues to bearish on our technical work. Have to have a sustainable trade below 2.30% to turn us around.

This Blog is for informational/advertisement purposes only and is not considered an offer to extend credit. Products are subject to change without notice. The information contained herein may not be applicable to every situation or jurisdiction, and we urge you to consult your professional advisor prior to acting on information contained herein. The content, accuracy and opinions expressed herein are not verified or endorsed by the sponsor hereof.
0 Comments



Leave a Reply.

    Categories

    All
    DIY
    FHA
    Holiday Tips
    Market Update
    Money Tips
    Monthly Newsletter
    Mortgage Knowledge
    Mortgage News
    Mortgage Programs
    Reverse Mortgage
    Seller Information
    VA

    Archives

    September 2021
    May 2021
    April 2021
    May 2020
    April 2020
    March 2020
    August 2018
    March 2018
    January 2017
    December 2016
    November 2016
    October 2016
    August 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    February 2015

    View my profile on LinkedIn

Our Services

Purchase Loans
Refinance Loans
Pre-approvals

Company

About Us
Contact Us
Our Blog

Support Page

FAQs
Mortgage Glossary
Mortgage Calculator
Property Tax Information
Credit Information
Useful Links
Property Search

Contact Us

Picture

Effective Mortgage Company BRE# 01264208 NMLS # 252973