Monday, December 2, 2013 / by David White
by Caliber Home Loans, Inc or special contributors on 12/02/13
Weekly Update | December 2, 2013
While trading volume was relatively light throughout the short week of Thanksgiving, mortgage rates worsened after Wednesday morning's economic releases either met or beat expectations, including Initial Jobless Claims, Durable Goods Orders, the Chicago Purchasing index, the University of Michigan Consumer Confidence index, and Leading Indicators.
Initial Jobless Claims of 316,000 was much better than its 330,000 estimate, remaining below its 350,000 level for an improving employment outlook. The Leading Indicators increased 0.2 percent last month, beating its flat estimate, indicating significant increases in factory orders and applications for new-home construction. The University of Michigan Consumer Confidence of 75.1 was better than its 73.1 estimate, indicating a return to faith in the U.S. economy following the government shutdown.  ...
Friday, November 22, 2013 / by David White
by Caliber Home Loans, Inc or special contributors on 11/22/13
Weekly Update | November 22, 2013
Mortgage rates worsened this week after the FOMC (Federal Open Markets Committee) released the minutes from their October meeting, stating that Fed-policy tapering may occur in the "upcoming months" while consumer sentiment remains "unusually low". The minutes further stated that while there are several significant risks within the U.S. economy with little economic change since September, economic growth is expected to increase. The FOMC mentioned that while the housing recovery has slowed, fiscal policy is restraining economic growth, as further improvement in the labor markets and a moderately expanding economy may warrant tapering soon.
While there were no heavy economic releases until mid-week, mortgage rates saw moderate volatility alongside of several Fed speakers. Philadelphia Fed President, Charles Plosser, stated that the ...
Wednesday, November 20, 2013 / by Tracy Bearden
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Friday, November 15, 2013 / by David White
by Caliber Home Loans, Inc or special contributors on 11/15/13
Weekly Update | November 15, 2013
While several Fed officials released statements throughout the short week, mortgage rates improved around Thursday morning's dovish testimony before the Senate by future Fed Chair, Janet Yellen. Yellen stated that while the U.S. economy continues to improve, both the economy and the job market are performing far short of their potential. Yellen further stated that there need to be capital and liquidity rules against "too-big-to-fail" companies, while the Fed will be committed to a regulatory role in order to reduce the threat of crisis. Atlanta Fed President, Dennis Lockhart, stated earlier in the week that the Fed may taper as early as December. Philadelphia Fed President, Charles Plosser, also supported a more limited role of the Fed. Comments from Minneapolis Fed President, Narayana Kocherlakota, did support Yellen, stating how tape ...
Wednesday, November 13, 2013 / by David White
by Caliber Home Loans, Inc or special contributors on 11/08/13
Weekly Update | November 8, 2013
After seeing moderate volatility early in the week alongside of numerous Fed speakers, mortgage rates drastically spiked after Friday morning's monthly Nonfarm Payroll release of 204,000 new jobs, which was much better than its 120,000 estimate. Unemployment met its estimation of 7.3 percent, slightly worse than its prior 7.2 percent, with the Labor Participation Rate falling to 62.8 percent from its prior 63.2 percent estimate
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