www.metchad.com
Market Insight
Have you metChad?
Market Insight
Have you metChad?
FNMA 4.5% closed 56 bps higher on the day!!! Rate improvements likely. (currently 30 year fixed still in the 5% range). One of the other factors with these bonds is the "moving average" for 25, 50 and 100 days. It is an average of the pricing on the bond over the last 25, 50 or 100 sessions. These average can provide a "ceiling" of resistance (where the pricing of the bond does not seem to want to break above that price...) or a "floor" of support (where the price of the bond does not seem to fall below. Generally when we break above a "ceiling" of resistance: that becomes a new floor of support over time. So why this is relevant: today's session closed with the 4.5% bond in particular (among others) at prices that are ABOVE the prior "ceiling of resistance" that was the 25 day MOVING average. When we break above: sometimes we seem to bounce well above for the next several sessions. WE may continue to see some pricing improvement for the next few sessions... Caution though: we also tend to see some pretty good "selling" to "preserve profit" so we may actually see some deterioration tomorrow. Though: there will be some pretty "bond" friendly news in the form of the jobs report...which is expected to be bad. (Bad news=bad news for stocks...and people then float money traditionally over to more conservative holdings like bonds and mortgage backed securities. Then: rates tend to get better.)
Dow was WAY DOWN after yesterday's "bounce"...and still at 12 year lows.
DJIA 6,594.44 -281.40 NASDAQ 1,299.59 -54.15 SP500 682.55 -30.32
Fed spending report showed that they purchased 30 billion dollars worth of mortgage backed securities...keeping rates steady.
639,000 people filed their initial claim for unemployment last week...which was better than the expected 650,000 people. Those continuing to receive benefit reported as just over 5 million people. Healthcare...schmelthcare...we need to support businesses that create jobs. Making health care cheaper for them...will not necessitate the hiring of more employees in the opinion of many analysts. Cross our fingers and hope for the best.
More on the mortgage modification program: The new program that will allow homeowners to refinance is good for 105% loan-to-value notes. Since it is only good for first mortgages and only a modification program: borrowers need to connect with their lenders DIRECTLY (call the servicing phone number on their statement.) MetLife has hired a gaggle of personell specifically to handle requests for this program in our loan servicing department. They will be experts. Again: it is my understanding that borrowers need to connect with the lender who is servicing their loan (accepting their monthly payment). What a great customer service opportunity to help those who we know may be struggling.
Note today: This letter goes to partners in several states. This morning around 8.15 am a huge explosion rocked downtown Bozeman leveling a building that was home to some beloved Bozeman businesses. The rubble was ablaze for much of the day... Many people were affected directly by the terrible fumes and the amazing concussive blast which knocked out windows/moved cars/blew open doors/etc. Amazingly, there was only one casualty (un-accounted for person: suspected dead) from the massive blast...and no other injuries that anyone has reported. WOW. The roof reportedly flew hundreds of feet into the air...and hurt no one save the person unaccounted for. I have been thinking that even in the face of such disaster: there are things to be grateful for. My heart goes out to those displaced by this incident...
Yours,
--
Chad Schauers
Have you metChad?
MetLife Home Loans
406.522.0922
406.522.0924 (fax)
1924 W. Stevens, Ste. 202
Bozeman, MT 59718
Cell: 406 799 8613
ccschauers@metlifehomeloans.com
Dow was WAY DOWN after yesterday's "bounce"...and still at 12 year lows.
DJIA 6,594.44 -281.40 NASDAQ 1,299.59 -54.15 SP500 682.55 -30.32
Fed spending report showed that they purchased 30 billion dollars worth of mortgage backed securities...keeping rates steady.
639,000 people filed their initial claim for unemployment last week...which was better than the expected 650,000 people. Those continuing to receive benefit reported as just over 5 million people. Healthcare...schmelthcare...we need to support businesses that create jobs. Making health care cheaper for them...will not necessitate the hiring of more employees in the opinion of many analysts. Cross our fingers and hope for the best.
More on the mortgage modification program: The new program that will allow homeowners to refinance is good for 105% loan-to-value notes. Since it is only good for first mortgages and only a modification program: borrowers need to connect with their lenders DIRECTLY (call the servicing phone number on their statement.) MetLife has hired a gaggle of personell specifically to handle requests for this program in our loan servicing department. They will be experts. Again: it is my understanding that borrowers need to connect with the lender who is servicing their loan (accepting their monthly payment). What a great customer service opportunity to help those who we know may be struggling.
Note today: This letter goes to partners in several states. This morning around 8.15 am a huge explosion rocked downtown Bozeman leveling a building that was home to some beloved Bozeman businesses. The rubble was ablaze for much of the day... Many people were affected directly by the terrible fumes and the amazing concussive blast which knocked out windows/moved cars/blew open doors/etc. Amazingly, there was only one casualty (un-accounted for person: suspected dead) from the massive blast...and no other injuries that anyone has reported. WOW. The roof reportedly flew hundreds of feet into the air...and hurt no one save the person unaccounted for. I have been thinking that even in the face of such disaster: there are things to be grateful for. My heart goes out to those displaced by this incident...
Yours,
--
Chad Schauers
Have you metChad?
MetLife Home Loans
406.522.0922
406.522.0924 (fax)
1924 W. Stevens, Ste. 202
Bozeman, MT 59718
Cell: 406 799 8613
ccschauers@metlifehomeloans.com
