The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics is a good forward indicator of the labor market.
Last week, we had some stronger-than-expected data with housing starts and some of the industrial production data. Does that mean the Fed will accelerate tapering?
The Street may be re-assessing the probability of another tapering at the January FOMC meeting. This time of the year is typically slow.
We heard from a number of the biggest banks last week, and all of them reported drops in origination volume of 30% to 40% in the fourth quarter.
Bonds rallied strongly on the employment report, which showed the economy only created 74,000 jobs in December. The unemployment rate dipped to 6.7%.
The Refinance Index rose 11.2% (from 1,375 to 1,530), as rates fell 9 basis points. Refinances have been dropping like a stone.
Mortgage originators have had a difficult time over the past year, as rates have begun rising. The increase in interest rates pretty much stopped the refinance boom in its tracks.
We’ve been starting to see the consumer wake up and begin to spend. We’ll hear from the retailers regarding same-store sales next week.
States that have judicial review of foreclosure activity tend to have higher delinquency rates and a bigger foreclosure shadow inventory.
The MBA Applications Index rose 11% after rising 2% the week before. Mortgage applications have dropped off a cliff ever since rates began increasing last spring.
The average 30-year fixed-rate mortgage fell 9 basis points, from 4.55% to 4.46%, while the ten-year bond fell 14 basis points on the weaker-than-expected December jobs report.
Lender Processing Services is a vendor to mortgage originators, handling mortgage processing and default management outsourcing.
It looks like the government might be able to find a way to renew the extended unemployment benefits, which should prevent another big decrease in the unemployment rate.
The headline retail sales number rose 0.2% versus expectations of a 0.1% gain. Ex-autos, retail sales increased 0.7%. Ex-autos and ex-gasoline rose 0.6%
The National Federation of Independent Business is a monthly report that contains a wealth of information regarding trends for small businesses.
The average 30-year fixed-rate mortgage fell 9 basis points as the ten-year yield fell 16 basis points, and TBAs rallied. There’s real pent-up demand for housing.
In this case, the TBA closed at 105 4/32, which means your lender will make just about 5% before taking into account their cost of making the loan.
In terms of the footprint in the markets, it makes sense for the Fed to taper anyway, even in the absence of better employment data. Why?
In this case, the TBA closed at 103 21/32, which means your lender will make just about 3.5% before taking into account the cost of making the loan.
Economic strength will be good news for office REITs like Boston Properties (BXP), Kilroy (KRC), Vornado (VNO), and S.L. Green (SLG).