Feb
17
2012
Bond Market
Mortgage and Financial Market Update by Ed Culin
Today’s Mortgage and Bond Rates
Bond Market
Rates
Mortgage Rates
30 Year Treasury 5.04%
30 year Fixed 6.500%
10 Year Treasury 4.94%
15 Year Fixed 6.250%
2 Year Treasury 4.97%
1 Year ARM 6.375%
3 Month Treasury 4.79%
5 Year ARM 6.500%
Today’s News
The Bond market is opening slightly stronger in early trading while the stock
market opens lower. Heavy loses overnight in China markets appear to be hurting
stocks a bit and bringing some much need strength back to the Bond Market.
The yield on the 10 Year Note stands a 4.93% still near the 10 month highs
made on Friday. The 30
year bond stands at 5.04%. This marks the 8th day that yields were above
the psychologically important 5.0% level.
In news today Bloomberg has an interesting article regarding Options trading
which indicates a market opinion that the Fed may be raising rates not lowering
rates in the near term. They feel that weakness in the housing market will be
offset by strength in other sectors of the economy. Our view is that most
prognosticators are underestimating the impact that the housing market will have
on consumer confidence. The losses being seen in housing are going to be more
severe and widespread then thought. The article below details the issues:
Fed
Faces Growing Pressure to Raise Interest Rates, Options Market Shows
In what some would view as positive news two more mortgage companies have
been acquired by Wall Street companies Accredited Lending and ResMae were purchased
by two hedge funds. Companies again are bottomed fishing under the hopes that
can acquire future production at Rock Bottom Prices. Accredited shares traded as
high as 58 less then 2 years ago. The company is being purchased now at
15.10 per share. The articles below provide specifics:
Citadel’s
ResMae Purchase Signals Recovery of the Subprime Bond Market
<h1><font size=”3″>Accredited Home to be bought for $400 mln</font></h1>
As we say on a daily basis We continue to urge caution in placing new money into the equity markets. We
believe that the weakness in the housing market will continue to impact
economic growth. Rates have risen steadily over the past month further hurting
the ability of buyers to afford the housing they desire. This is also making it more
difficult for economically challenged folks to affords potential increases in
mortgage payments as ARM loans reprice.We believe that this weakness will
impact company profitability in all sectors as time goes on, which will
cause lower stock process over time.
We believe that we are in a recession at this point. We continue to believe that the Fed needs to Cut rates at this time to help stabilize the
issues that consumers are having in the repayment of their debts. From what we are
seeing in the market place there is no indication that the Fed will be acting on
this anytime soon. If action is not
taken this will just prolong the slowdown in housing and create a deeper recession.
About the Author
This article was written by Ed Culin. Ed is a Mortgage broker who manages the
following Web Sites http://www.gofairway.com
and http://www.thebestloandeal.com.
Visit these sites for more information about the mortgage process.
Pimco’s Bill Gross talks the bond market, US deficit and Greece
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