This Morning…Monday, June 28, 2010:
This morning one can expect May personal income to rise 0.4% and for personal spending to be up 0.2%; the core PCE deflator is projected to come in at 0.1%. And so for economic news - today we have the Chicago Fed numbers, along with Personal Consumption and Income. It’s a busy week, so stayed tuned.
Last Week:
Last week was a pretty a good one for the rate markets, somewhat driven by the FOMC policy statement after the meeting on Wednesday and huge declines in home sales in May. Volatility in both the stock and bond markets remained high with broad swings occurring on a daily basis. Mortgage rates moved lower following the release of the weak housing data and the improvements seen earlier in the week were reversed following a weak 5-year Treasury auction on Wednesday. The volatility is expected to continue until the future of the economy becomes clear
This Week:
The data calendar is full this week with the main highlight being the June employment report on Friday. Tomorrow we have the S&P/Case-Shiller Home Price Indexes, and the Conference Board's Consumer Confidence stats. Wednesday some ISM numbers, Thursday Jobless Claims, ISM Manufacturing, and Pending Home Sales, but the biggest economic event next week will be the important Employment report on Friday. Early estimates are for a decrease of about 70K jobs in June.
EconomicIndicator
Personal Income and Outlays
Monday, June 28,8:30 am, et
Income up 0.5%Outlays up 0.1%
Important. A measure of consumers’ ability to spend. Weakness may lead to lower mortgage rates.
Consumer Confidence
Tuesday, June 29,10:00 am, et
62.
Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
ADP Employment
Wednesday, June 30,8:30 am, et
+56K
Important. An indication of the employment. Weakness in payrolls may bring lower rates.
ISM Index
Thursday, July 1,10:00 am, et
58.8
Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
Employment
Friday, July 2,8:30 am, et
Jobs -70KUnemp @ 9.7%
Very important. An increase in unemployment or weakness in payrolls may bring lower rates.
Factory Orders
Friday, July 2,10:00 am, et
-0.6%
Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.
Market Forecast:
Overall, Tuesday and Thursday’s data should bring some volatility in trading and mortgage rates, but Friday’s Employment report is definitely the most important of the week. Its impact can single-handedly lead to an improvement or increase in mortgage rates for the week. Next Monday is when the Independence Day holiday will be recognized. There is no early close for the bond market Friday ahead of it, but it will probably be a light afternoon in trading as traders head home for the long weekend. This could lead to additional volatility during morning trading, particularly with the Employment report being posted.
Some Humor:
A cruise ship suddenly hits rough waters and a huge storm. Lightening comes out of the sky and strikes the ship in half! There is only one survivor, a man, who wakes up on the shore of an island with its only other residents being a dog and a pig.
Months and months go by and after numerous days of watching the seas for help and the occasional smoke signals, no rescue. One day as the man is lying on the beach in the hot sun and starting to go a little nuts. He looks over at the pig and with the help of a little hallucinating the pig appears to be a beautiful woman. He crawls over towards the pig and as soon as he touches the pig the dog bites onto his ankle growling madly. He lets the pig go and the dog releases him. The man comes to his senses and thinks, “Holy Cow! What am I doing?” But over the next few months this happens a few more times: pig transforms into a beautiful woman, man grabs pig, dog snaps onto his ankle growling, man let's go of pig, dog releases the man and the man awakes from his daze.
One day he spots a cruise ship in the distance. He can't believe what he is seeing and is sure that it's another mirage. He starts a fire, sends smoke signals, and jumps up and down screaming! The boat sounds its horns and turns towards the island. Tragically, the ship hits a rock and sinks. He is devastated, but soon the man sees something floating out in the ocean. He swims out, and amazingly it's a beautiful woman. He brings her to shore, applies CPR and resuscitates her back to life. She sits up, stares into his eyes and tells him that after he has saved her life she will do anything for him. He replies "anything?" and she nods yes.
He jumps up an immediately says, "Do you see that dog over there? Can you please take him for a walk"?
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Monday, June 28, 2010
Friday, June 25, 2010
6/25/10
Thursday traders felt that everyone was selling: originators, investors, money managers, etc., especially after a strong, but sloppy, 7-yr auction and mortgage rates did a little worse for the second day in a row. Today we have old GDP news on 1st quarter revisions, expected to be unchanged, and the final June Michigan Sentiment reading, also seen unchanged from mid-month. The press is certainly talking about a “double dip” in the economy, in spite of double-dips in output being extremely rare in modern economic history (only three double-dips in the last 160 years of US business cycles). So far this morning we find mortgage prices slightly worse.
6/24/10
Yesterday the New Home Sales number surprised everyone, plunging almost 33% in May to the lowest level since 1963. Of course, it followed two strong months where buyers rushed into the market due to the tax credit. Regionally, new-home sales plunged 23.9% in the Midwest, 53.2% in the West, 25.4% in the South, and 33.3% in the Northeast. Tuesday's two-year note sale was stellar, but the 5-yr sale did not go well (this took away some of yesterdays gains). The 7-yr notes will be sold today.
Today we’ve had the standard weekly Initial Jobless Claims number. Initial Jobless Claims dropped to 457,000. Six states’ unemployment had increases, and seven had no change. Nevada beat out Michigan for the first time in 4 years, and now has the highest jobless rate in the country (14%). We also found out the May Durable Goods number came in as expected. For now, mortgage rates are slightly improved from yesterdays close.
Today we’ve had the standard weekly Initial Jobless Claims number. Initial Jobless Claims dropped to 457,000. Six states’ unemployment had increases, and seven had no change. Nevada beat out Michigan for the first time in 4 years, and now has the highest jobless rate in the country (14%). We also found out the May Durable Goods number came in as expected. For now, mortgage rates are slightly improved from yesterdays close.
6/23/10
Another round of bad housing data was released this morning in the form of record low new home sales which has stabilized rates after yesterdays improvement. It seems the persistence of the data surprises and negative housing stats is painting a troubling picture of household wealth, deflation and confidence. We have the Fed decision on tap due at 11:15 today. But first we have a 5-year auction around 10am. We could see some choppiness around these events so stay tuned.
6/22/10
There is really not much going on in the market today. Stocks were close to flat yesterday after rallying early in the day on some news from China, but overall, it was pretty quiet. This morning we will have some news on Existing Home Sales, FHFA Home Purchase Index, and the Richmond Fed Index, and then a 2-yr auction. Ahead of that we find mortgage rates about the same as yesterday morning.
Monday, June 21, 2010
Mortgage Market Review - 6/21/10
This Morning…Monday, June 21, 2010:
Monday’s bond market has opened in negative territory following early stock strength. The stock markets opened the week with strong gains after news from China about their currency that was taken as extremely favorable for the international markets. The U.S. stock markets are following overseas strength with the Dow up 101 points and the Nasdaq up 14 points. These gains in stocks have pushed the bond market down and interest rates are slightly worsened this morning
Last Week:
Mortgage bond prices rose last week pushing mortgage interest rates slightly lower. Uncertainty in the Euro zone resulted in some flight to quality buying of US debt instruments. There were concerns that Spain could be the next economy to falter following the Greek instability. Most of the data showed a US economy that continues to struggle with little current price pressures. Weekly jobless claims were higher than expected and the consumer price data came in exactly as expected. Over the week, rates fell by about 1/8%.
This Week:
In terms of economic news, there is nothing today. Tomorrow we have Existing Home Sales, FHFA Home Purchase Index, and the Richmond Fed Index. Wednesday is New Home Sales, but later on we'll have the end of the Federal Reserve's FOMC meeting. (No matter how much the press wants to talk about the meeting, there will be no change to overnight rates, and little, if any, change to the actual announcement.) Thursday we have Initial Jobless Claims and Durable Goods. Friday is GDP, and the University of Michigan Consumer Sentiment Survey. And in order to finance activities of the US government, the Treasury will auction 2, 5 and 7-year notes beginning tomorrow. It’s a busy week.
EconomicIndicator
Existing Home Sales
Tuesday, June 22,10:00 am, et
Up 4.3%
Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates.
New Home Sales
Wednesday, June 23, 10:00 am, et
Down 4.8%
Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.
Fed Meeting Adjourns
Wednesday, June 23, 2:15 pm, et
No change
Important. No rate changes are expected but some volatility may surround the adjournment of this meeting.
Durable Goods Orders
Thursday, June 24, 8:30 am, et
Down 1.4%
Important. An indication of the demand for "big ticket" items. Weakness may lead to lower rates.
Weekly Jobless Claims
Thursday, June 24,8:30 am, et
460k
Important. An indication of US employment situation. A higher figure should help rates.
Preliminary Q1 GDP
Friday, June 25,8:30 am, et
3.0
Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
U of Michigan Consumer Sentiment
Friday, June 25,10:00 am, et
75.2
Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Market Forecast:
Overall, it appears today may not be the quietest day of the week after all. We will likely see more volatility this week, particularly Wednesday afternoon when the first relevant Treasury auction is finished and the FOMC meeting adjourns. The same goes for Thursday with the week’s most important data being released during morning hours and the 7-year Note auction results are posted early afternoon. So, while today is an active day for rates, it probably will not be the only one this week. Proceeding with caution would be a wise move if still floating an interest rate.
Some Humor:
Two 90-year-old women, Vivian and Edith, had been friends all of their lives. When it was clear that Edith was dying, Vivian visited her every day. One day Vivian said, “Edith, we both loved playing women's softball all our lives, and we played it all through high school. Please do me one favor: when you get to Heaven, somehow you must let me know if there's women's softball there.”
Edith looked up at Vivian from her death bed, “Vivian, you've been my best friend for many years. If it's at all possible, I'll do this favor for you.”
Shortly after that, Edith passed on.At midnight a couple of nights later, Vivian was awakened from a sound sleep by a blinding flash of white light and a voice calling out to her, “Vivian, Vivian.”
“Who is it?” asked Vivian, sitting up suddenly.“
Who is it? Vivian -- it's me, Edith.”“You're not Edith. Edith died.”
“I'm telling you, Vivian, it's me,” insisted the voice.“
Edith! Where are you?
“In Heaven,” replied Edith. “
I have some really good news and a little bad news.“
Tell me the good news first,” said Vivian.“
The good news,” Edith said, “is that there's softball in Heaven. Better yet, all of our old buddies who died before us are here, too. Better than that, we're all young again. Better still, it's always springtime, and it never rains or snows. And best of all, we can play softball all we want, and we never get tired.”
“That's fantastic,” said Vivian. “It's beyond my wildest dreams! So what's the bad news?'
“You're pitching Tuesday.”
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Monday’s bond market has opened in negative territory following early stock strength. The stock markets opened the week with strong gains after news from China about their currency that was taken as extremely favorable for the international markets. The U.S. stock markets are following overseas strength with the Dow up 101 points and the Nasdaq up 14 points. These gains in stocks have pushed the bond market down and interest rates are slightly worsened this morning
Last Week:
Mortgage bond prices rose last week pushing mortgage interest rates slightly lower. Uncertainty in the Euro zone resulted in some flight to quality buying of US debt instruments. There were concerns that Spain could be the next economy to falter following the Greek instability. Most of the data showed a US economy that continues to struggle with little current price pressures. Weekly jobless claims were higher than expected and the consumer price data came in exactly as expected. Over the week, rates fell by about 1/8%.
This Week:
In terms of economic news, there is nothing today. Tomorrow we have Existing Home Sales, FHFA Home Purchase Index, and the Richmond Fed Index. Wednesday is New Home Sales, but later on we'll have the end of the Federal Reserve's FOMC meeting. (No matter how much the press wants to talk about the meeting, there will be no change to overnight rates, and little, if any, change to the actual announcement.) Thursday we have Initial Jobless Claims and Durable Goods. Friday is GDP, and the University of Michigan Consumer Sentiment Survey. And in order to finance activities of the US government, the Treasury will auction 2, 5 and 7-year notes beginning tomorrow. It’s a busy week.
EconomicIndicator
Existing Home Sales
Tuesday, June 22,10:00 am, et
Up 4.3%
Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates.
New Home Sales
Wednesday, June 23, 10:00 am, et
Down 4.8%
Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.
Fed Meeting Adjourns
Wednesday, June 23, 2:15 pm, et
No change
Important. No rate changes are expected but some volatility may surround the adjournment of this meeting.
Durable Goods Orders
Thursday, June 24, 8:30 am, et
Down 1.4%
Important. An indication of the demand for "big ticket" items. Weakness may lead to lower rates.
Weekly Jobless Claims
Thursday, June 24,8:30 am, et
460k
Important. An indication of US employment situation. A higher figure should help rates.
Preliminary Q1 GDP
Friday, June 25,8:30 am, et
3.0
Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
U of Michigan Consumer Sentiment
Friday, June 25,10:00 am, et
75.2
Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Market Forecast:
Overall, it appears today may not be the quietest day of the week after all. We will likely see more volatility this week, particularly Wednesday afternoon when the first relevant Treasury auction is finished and the FOMC meeting adjourns. The same goes for Thursday with the week’s most important data being released during morning hours and the 7-year Note auction results are posted early afternoon. So, while today is an active day for rates, it probably will not be the only one this week. Proceeding with caution would be a wise move if still floating an interest rate.
Some Humor:
Two 90-year-old women, Vivian and Edith, had been friends all of their lives. When it was clear that Edith was dying, Vivian visited her every day. One day Vivian said, “Edith, we both loved playing women's softball all our lives, and we played it all through high school. Please do me one favor: when you get to Heaven, somehow you must let me know if there's women's softball there.”
Edith looked up at Vivian from her death bed, “Vivian, you've been my best friend for many years. If it's at all possible, I'll do this favor for you.”
Shortly after that, Edith passed on.At midnight a couple of nights later, Vivian was awakened from a sound sleep by a blinding flash of white light and a voice calling out to her, “Vivian, Vivian.”
“Who is it?” asked Vivian, sitting up suddenly.“
Who is it? Vivian -- it's me, Edith.”“You're not Edith. Edith died.”
“I'm telling you, Vivian, it's me,” insisted the voice.“
Edith! Where are you?
“In Heaven,” replied Edith. “
I have some really good news and a little bad news.“
Tell me the good news first,” said Vivian.“
The good news,” Edith said, “is that there's softball in Heaven. Better yet, all of our old buddies who died before us are here, too. Better than that, we're all young again. Better still, it's always springtime, and it never rains or snows. And best of all, we can play softball all we want, and we never get tired.”
“That's fantastic,” said Vivian. “It's beyond my wildest dreams! So what's the bad news?'
“You're pitching Tuesday.”
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Saturday, June 19, 2010
6/18/10
Most rate prices are level with Thursday as mortgage bonds trade in a choppy session as rumors of China re-valuing their currency pressure Treasuries but have pared losses after rumors were quelled. Hedge funds and Asia are in buying while servicers and us originators are selling has picked up a bit adding some pressure to MBS levels. No economic news was released today so we’ll leave this Friday to the ebb and flow of stocks and trader sentiment. Potential positive bank stress testing and some Spanish confidence are taking some pressure off of the Europe thing. The Dow is up nearly 25-points at the moment.
6/17/10
This morning’s Consumer Price Index came out as expected, at -.2%. Initial Claims were up 12,000 from the revised number from the previous week, and continuing claims also rose. Inflation is not an issue. We still have Leading Economic Indicators and the Philly Fed numbers (expected up .5% and slipping slightly, respectively) possibly moving rates a little. We also have next week’s 2-yr, 5-yr, and 7-yr auction amounts announcement. After this news, mortgage rates are unchanged.
6/16/10
Today we have already had the Producer Price Index which was down.3%. May Building Permits were down 5.9%, and Housing Starts were -10%. Some would say, “Why build new houses when there are so many old ones on the market?” Housing continues to be a weak point in the economy, in addition to the employment picture, despite a huge amount of help from the government. Housing Starts were expected to be down quite a bit (but a 19-year low?), and may signal a trend which some believe will last several months. Mortgage applications for purchases are now down 49 percent from their April peak and the rate of delinquencies and foreclosures continue to rise. Consequently, housing starts should pull back in the second and third quarters, but begin to pick up some momentum later in the year. After all this news, and even with stocks pointing down, mortgage prices are slightly worse this morning.
6/15/10
This morning mortgage bonds grind higher and tighter with Treasuries. Initially negative off of stronger stocks and euro, Treasuries have since turned positive despite a Dow up over 100-points. Economic releases today indicated lower inflation, improved manufacturing, strong demand for US assets and weak builder confidence post tax credit. More trouble from Europe as an EU report cites growing concern over Spain and Portugal, a plunge in German investor confidence and another downgrade of Greek debt. Nevertheless, both stock and bond markets are in the green but Bonds appear to be under some pressure as this goes out.
Monday, June 14, 2010
Mortgage Market Review - 6/14/10
This Morning…Monday, June 14, 2010:
There is no relevant economic data being posted today or tomorrow, so look for any further changes in mortgage rates to come as a result of changes in the stock markets. The mortgage market started weaker this morning with the stock market opening stronger after reversing late on Friday. Industrial production data from Europe this morning was better than expected boosting Europe's stock markets. At 9:30 the DJIA opened +75 and interest rates are slightly worsened.
Last Week:
Mortgage bond prices fell last week pushing mortgage interest rates higher. Trading was positive for the week through Wednesday’s close. The data generally was benign causing no large mortgage bond market swings. Unfortunately a strong 273-point jump in the DOW Thursday resulted in mortgage rates worsening that afternoon. Fortunately bond prices recovered some Friday, as the stocks were unable to hold those gains. The mortgage market whipped around all week and ended about unchanged on the week.
This Week:
For economic news, there is none scheduled for today. Tomorrow we'll see some import & export price information, along with some manufacturing numbers out of New York. Wednesday will contain the Producer Price Index, Housing Starts, and Industrial Production and Capacity Utilization. Thursday is the big day with Initial Claims, the Consumer Price Index, Leading Economic Indicators, and the Philly Fed survey. Some say that the inflation reports are important, others say that inflation is not a concern, and are more interested in the industrial production and jobless claims numbers. Either way, stay tuned!
EconomicIndicator
Housing Starts
Wednesday, June 16,8:30 am, et
Down 2.5%
Important. A measure of housing sector strength. Larger than expected decreases may lead to lower rates.
Producer Price Index
Wednesday, June 16,8:30 am, et
Down 0.4%,Core up 0.1%
Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates.
Industrial Production
Wednesday, June 16,9:15 am, et
Up 0.7%
Important. A measure of manufacturing sector strength. A lower than expected increase may lead to lower rates.
Capacity Utilization
Wednesday, June 16,9:15 am, et
74.2%
Important. A figure above 85% is viewed as inflationary. A decrease may lead to lower rates.
Weekly Jobless Claims
Thursday, June 17,8:30 am, et
450K
Important. An indication of US employment situation. A higher figure should help rates.
Consumer Price Index
Thursday, June 17,8:30 am, et
Down 0.1%Core up 0.1%
Important. A measure of inflation at the consumer level. Lower figures may lead to lower rates.
Leading Economic Indicators
Thursday, June 17,10:00 am, et
Up 0.4%
Important. An indication of future economic activity. A smaller increase may lead to lower rates.
Philadelphia Fed Survey
Thursday, June 17,10:00 am, et
17.0
Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.
Market Forecast:
This week is fairly busy with five economic reports scheduled to be released. The producer and consumer price index data will be the most important releases this week, so two of the five are considered to be of high importance to the markets and mortgage rates. The remaining three are of interest to the markets but likely will not cause a large change in mortgage rates unless they vary greatly from forecasts. None of the relevant data is being posted tomorrow or Tuesday, so look for the stock markets to influence bond trading and mortgage rates again. Expect global economies to continue to factor into trading.
Overall, look for Wednesday to be the biggest day of the week, because it brings us the PPI that is considered to be a key inflation reading. Thursday is also very important with the CPI being posted, so look for the most movement in rates during the middle part of the week. If inflation remains tame mortgage interest rates may improve.
Some Humor:
A man staggered into a hospital with a concussion, multiple bruises, two black eyes, and a five iron wrapped tightly around his throat.
Naturally the doctor asked him, "What happened to you?"
"Well, I was having a quiet round of golf with my wife, when, at a difficult hole, we both sliced our balls into a cow pasture. We went to look for them and while I was looking around I noticed one of the cows had something white at its rear end. I walked over, lifted its tail, and sure enough, there was a golf ball with my wife's monogram on it - stuck right in the middle of the cow's rump."
“Ah,” said the doctor, “then what?”
“Still holding the cow's tail up, I yelled to my wife, 'Hey, this looks like yours!'"
"I don't remember much after that ..."
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
There is no relevant economic data being posted today or tomorrow, so look for any further changes in mortgage rates to come as a result of changes in the stock markets. The mortgage market started weaker this morning with the stock market opening stronger after reversing late on Friday. Industrial production data from Europe this morning was better than expected boosting Europe's stock markets. At 9:30 the DJIA opened +75 and interest rates are slightly worsened.
Last Week:
Mortgage bond prices fell last week pushing mortgage interest rates higher. Trading was positive for the week through Wednesday’s close. The data generally was benign causing no large mortgage bond market swings. Unfortunately a strong 273-point jump in the DOW Thursday resulted in mortgage rates worsening that afternoon. Fortunately bond prices recovered some Friday, as the stocks were unable to hold those gains. The mortgage market whipped around all week and ended about unchanged on the week.
This Week:
For economic news, there is none scheduled for today. Tomorrow we'll see some import & export price information, along with some manufacturing numbers out of New York. Wednesday will contain the Producer Price Index, Housing Starts, and Industrial Production and Capacity Utilization. Thursday is the big day with Initial Claims, the Consumer Price Index, Leading Economic Indicators, and the Philly Fed survey. Some say that the inflation reports are important, others say that inflation is not a concern, and are more interested in the industrial production and jobless claims numbers. Either way, stay tuned!
EconomicIndicator
Housing Starts
Wednesday, June 16,8:30 am, et
Down 2.5%
Important. A measure of housing sector strength. Larger than expected decreases may lead to lower rates.
Producer Price Index
Wednesday, June 16,8:30 am, et
Down 0.4%,Core up 0.1%
Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates.
Industrial Production
Wednesday, June 16,9:15 am, et
Up 0.7%
Important. A measure of manufacturing sector strength. A lower than expected increase may lead to lower rates.
Capacity Utilization
Wednesday, June 16,9:15 am, et
74.2%
Important. A figure above 85% is viewed as inflationary. A decrease may lead to lower rates.
Weekly Jobless Claims
Thursday, June 17,8:30 am, et
450K
Important. An indication of US employment situation. A higher figure should help rates.
Consumer Price Index
Thursday, June 17,8:30 am, et
Down 0.1%Core up 0.1%
Important. A measure of inflation at the consumer level. Lower figures may lead to lower rates.
Leading Economic Indicators
Thursday, June 17,10:00 am, et
Up 0.4%
Important. An indication of future economic activity. A smaller increase may lead to lower rates.
Philadelphia Fed Survey
Thursday, June 17,10:00 am, et
17.0
Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.
Market Forecast:
This week is fairly busy with five economic reports scheduled to be released. The producer and consumer price index data will be the most important releases this week, so two of the five are considered to be of high importance to the markets and mortgage rates. The remaining three are of interest to the markets but likely will not cause a large change in mortgage rates unless they vary greatly from forecasts. None of the relevant data is being posted tomorrow or Tuesday, so look for the stock markets to influence bond trading and mortgage rates again. Expect global economies to continue to factor into trading.
Overall, look for Wednesday to be the biggest day of the week, because it brings us the PPI that is considered to be a key inflation reading. Thursday is also very important with the CPI being posted, so look for the most movement in rates during the middle part of the week. If inflation remains tame mortgage interest rates may improve.
Some Humor:
A man staggered into a hospital with a concussion, multiple bruises, two black eyes, and a five iron wrapped tightly around his throat.
Naturally the doctor asked him, "What happened to you?"
"Well, I was having a quiet round of golf with my wife, when, at a difficult hole, we both sliced our balls into a cow pasture. We went to look for them and while I was looking around I noticed one of the cows had something white at its rear end. I walked over, lifted its tail, and sure enough, there was a golf ball with my wife's monogram on it - stuck right in the middle of the cow's rump."
“Ah,” said the doctor, “then what?”
“Still holding the cow's tail up, I yelled to my wife, 'Hey, this looks like yours!'"
"I don't remember much after that ..."
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Friday, June 11, 2010
6/11/10
Most rate prices improved just slightly today from yesterday’s selloff as mortgage bonds pare some losses alongside Treasuries after disappointing retail sales figures were released this morning. Bonds retreated a bit after stronger consumer sentiment data hit the wires, but have since regained momentum. Stocks too have pared earlier losses as the Dow is down about 30-points after yesterday’s rally. It’s all about risk on / risk off as the markets display their bi-polar tendencies in this environment of high volatility and day trading plays. Well it’s Friday and sunshine is forecast for the next several days—a much deserved break for us! Have a great weekend and go USA tomorrow at the World Cup! (one does have to feel sorry for England with all that debt and now the BP oil spill…).
6/10/10
Most rate prices worsened today as mortgage bonds follow treasuries into negative territory, pressured by improved global economic sentiment (China, Japan, Australia), better than expected job data and pre-auction set up. Today’s downward trend smells more like consolidation than signaling a breakout to the downside—trade has been light and is exacerbating volatility today as money managers and hedge funds command the selling so far. The stock market is responding positively to developments across the pond as both Portugal and Spain pull off successful bond offerings and ECB president Trichet pledges to continue to offer unlimited cash to struggling institutions and buy government bonds. He also defended the Euro as a valid currency and the market is responding accordingly. This is all well and good but the whisper over the shoulder is “double dip”. This is the real fear because it is widely accepted we’ve used all our bullets to combat recession and if we get another move down, we really don’t have any tools to counter it. This might explain the market’s grasping onto any bits of positive news it can.
6/9/10
Yesterday the U.S. Treasury sold 3-yr notes to solid demand which is always good news. The problems in Europe are still there, will be there for a long time, but aren’t quite grabbing the headlines they were a few weeks ago. But as they discussed how to reduce swollen budget deficits, Spanish public service workers staged a one-day strike which underlined the problems governments face implementing austerity measures such as spending cuts that will bring down wages..” Today we have some trade figures that come out later this morning, but still, it is another slow news day, and a slow news week. The nominal U.S. trade deficit for goods and services widened slightly in March with both imports and exports increasing. The fact that both increased would suggest continued, arguable recovery. But given the poor employment situation, growth in retail sales are not expected to be robust for some time and now with the fears of financial trouble brewing everywhere in the world, the consumer will be even more reluctant to spend in the months ahead. This morning. we find mortgage prices slightly worse than yesterdays close
6/8/10
Most rate prices improved slightly today as mortgage bonds continue to grind higher and tighter to Treasuries as the Dow falls below 9800. Growing concern of a double dip recession (in addition to all the other challenges we keep talking about!) is benefitting bonds as the flight to quality and low supply continue to provide some low rates. Economic releases today were limited to a couple of optimism reports, one showing improved small business outlook; the other indicating pessimism from the public (what a shocker!) On tap today is the first round of auctions this week with an offering of 3 year notes.
Monday, June 7, 2010
Mortgage Market Review - 6/7/10
Good morning. There were some interesting statements late last week regarding the longer term view about interest rates that I thought I’d mention. Atlanta Fed's Lockhart said that the Fed might need to raise rates to counter inflation even with high unemployment. "Good policy, even in circumstances of unacceptable levels of unemployment, may incorporate higher interest rates. The time is approaching when it will be appropriate to consider recalibrating interest rate policy." He added, "as the economy continues to improve and financial markets find firmer ground, extraordinarily low policy rates will not be needed to promote recovery and will become inconsistent with maintaining price stability." Lockhart noted inflation remained under control for now. If you are on the fence regarding a refinance or a possible home purchase, now is a great time to take advantage of mortgage interest rates at these historically low levels to avoid future market volatility, especially with the recent decline in rates and remarks like Lockhart’s hitting the market. Give me a call and I’d be happy to run some scenarios for you to see if it would be worthwhile.
Thanks for taking the time to read this over. Have a great week.
Fred
This Morning…Monday, June 7, 2010
Most rate prices held steady today as mortgage bonds hold onto Friday’s gains. The Euro is at fresh 4 year lows as speculative talk of parity with the dollar gains momentum. Stocks attempted to pare some of last week’s losses after positive economic news out of Germany, an about face from Hungary over it’s state of affairs and an overall more sober Monday mindset compared to Friday’s frenzy seem to calm the markets a bit. However the options market indicates a record low level of confidence in the market and it appears to be showing up today as stocks have reversed course this morning and are once again heading lower and bonds are benefiting. Little in economic news was released today but we have a round of Treasury auctions beginning tomorrow.
Last Week:
Mortgage bond prices rose last week pushing mortgage interest rates lower. We were negative through Thursday as stocks performed generally well until Friday’s data was released. Fortunately bond prices surged higher Friday morning following the weaker than expected payrolls component of the employment report. In addition, news of a troubled Hungarian economy reignited global fears and resulted in flight to quality buying of US debt instruments. Stocks fell precipitously Friday and interest rates improved.
This Week:
This week we start off with no scheduled news today or tomorrow, but on Wednesday have the Fed's Beige Book which detail current economic conditions across the country. The Retail Sales report will be released on Friday. There will, however, be Treasury auctions tomorrow, Wednesday, and Thursday.
EconomicIndicator
Consumer Credit
Monday, June 7,3:00 pm, et
Down $4.3 billion
Low importance. A significantly larger than expected increase may lead to lower mortgage interest rates.
3-year Treasury Note Auction
Tuesday, June 8,1:15 pm, et
None
Important. $36 billion of notes will be auctioned. Strong demand may lead to lower mortgage rates.
10-year Treasury Note Auction
Wednesday, June 9, 1:30 pm, et
None
Important. $21 billion of notes will be auctioned. Strong demand may lead to lower mortgage rates.
Fed "Beige Book"
Wednesday, June 9, 2:00 pm, et
None
Important. This Fed report details current economic conditions across the US. Signs of weakness may lead to lower rates.
Trade Data
Thursday, June 10,8:30 am, et
$42 billion deficit
Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates.
30-year Treasury Bond Auction
Thursday, June 10,1:15 pm, et
None
Important. $13 billion of bonds will be auctioned. Strong demand may lead to lower mortgage rates.
Retail Sales
Friday, June 11,8:30 am, et
Up 0.5%
Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates.
U of Michigan Consumer Sentiment
Friday, June 11,10:00 am, et
74.5
Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Business Inventories
Friday, June 11,10:00 am, et
Up 0.4%
Low importance. An indication of stored-up capacity. A significantly larger increase may lead to lower rates.
Market Forecast:
This week brings us the release of only four pieces of data for the markets to digest. The first part of the week will likely be driven by stock market gains or losses. Overall, it likely is going to be a fairly busy week for the financial markets, but the most action will probably come in the latter days. I think that Friday will be the single most important day of the week, but as we have seen over the past couple of weeks, we don’t need significant news from economic reports for the markets to move heavily and mortgage rates to change.
Some Humor:
Two women were sitting next to each other at a bar. After a while one looks at the other and says, “I can't help but think, from listening to you, that you're from Ireland.”
The other woman responds proudly, “Yes, I sure am!”
The first one says, “So am I! And where about in Ireland are ya from?”
The other woman answers, “I'm from St. John's, I am.”
The first one responds, “So, am I!! And what street did you live on?”
The other woman says, “A lovely little area, it was in the west end. I lived on Warbury Street in the old central part of town.”
The first one says, “Faith and it's a small world. So did I! So did I! And what school did ya go to?”
The other woman answers, “Well now, I went to Holy Heart of Mary, of course.”
The first one gets really excited and says, “And so did I. Tell me, what year did you graduate?”
The other woman answers, “Well, now, let's see. I graduated in 1979.”
The first woman exclaims, “The Good Lord must be smiling down upon us! I can hardly believe our good luck at winding up in the same pub tonight. Can you believe it; I graduated from Holy Heart of Mary in 1979 me self.”
About this time, Michael walks into the bar, sits down and orders a beer.Brian, the bartender, walks over to Michael, shaking his head and mutters, “It's going to be a long night tonight.”
Michael asks, “Why do you say that, Brian?”
Brian answers, “The Murphy twins are drunk again.”
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Thanks for taking the time to read this over. Have a great week.
Fred
This Morning…Monday, June 7, 2010
Most rate prices held steady today as mortgage bonds hold onto Friday’s gains. The Euro is at fresh 4 year lows as speculative talk of parity with the dollar gains momentum. Stocks attempted to pare some of last week’s losses after positive economic news out of Germany, an about face from Hungary over it’s state of affairs and an overall more sober Monday mindset compared to Friday’s frenzy seem to calm the markets a bit. However the options market indicates a record low level of confidence in the market and it appears to be showing up today as stocks have reversed course this morning and are once again heading lower and bonds are benefiting. Little in economic news was released today but we have a round of Treasury auctions beginning tomorrow.
Last Week:
Mortgage bond prices rose last week pushing mortgage interest rates lower. We were negative through Thursday as stocks performed generally well until Friday’s data was released. Fortunately bond prices surged higher Friday morning following the weaker than expected payrolls component of the employment report. In addition, news of a troubled Hungarian economy reignited global fears and resulted in flight to quality buying of US debt instruments. Stocks fell precipitously Friday and interest rates improved.
This Week:
This week we start off with no scheduled news today or tomorrow, but on Wednesday have the Fed's Beige Book which detail current economic conditions across the country. The Retail Sales report will be released on Friday. There will, however, be Treasury auctions tomorrow, Wednesday, and Thursday.
EconomicIndicator
Consumer Credit
Monday, June 7,3:00 pm, et
Down $4.3 billion
Low importance. A significantly larger than expected increase may lead to lower mortgage interest rates.
3-year Treasury Note Auction
Tuesday, June 8,1:15 pm, et
None
Important. $36 billion of notes will be auctioned. Strong demand may lead to lower mortgage rates.
10-year Treasury Note Auction
Wednesday, June 9, 1:30 pm, et
None
Important. $21 billion of notes will be auctioned. Strong demand may lead to lower mortgage rates.
Fed "Beige Book"
Wednesday, June 9, 2:00 pm, et
None
Important. This Fed report details current economic conditions across the US. Signs of weakness may lead to lower rates.
Trade Data
Thursday, June 10,8:30 am, et
$42 billion deficit
Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates.
30-year Treasury Bond Auction
Thursday, June 10,1:15 pm, et
None
Important. $13 billion of bonds will be auctioned. Strong demand may lead to lower mortgage rates.
Retail Sales
Friday, June 11,8:30 am, et
Up 0.5%
Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates.
U of Michigan Consumer Sentiment
Friday, June 11,10:00 am, et
74.5
Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Business Inventories
Friday, June 11,10:00 am, et
Up 0.4%
Low importance. An indication of stored-up capacity. A significantly larger increase may lead to lower rates.
Market Forecast:
This week brings us the release of only four pieces of data for the markets to digest. The first part of the week will likely be driven by stock market gains or losses. Overall, it likely is going to be a fairly busy week for the financial markets, but the most action will probably come in the latter days. I think that Friday will be the single most important day of the week, but as we have seen over the past couple of weeks, we don’t need significant news from economic reports for the markets to move heavily and mortgage rates to change.
Some Humor:
Two women were sitting next to each other at a bar. After a while one looks at the other and says, “I can't help but think, from listening to you, that you're from Ireland.”
The other woman responds proudly, “Yes, I sure am!”
The first one says, “So am I! And where about in Ireland are ya from?”
The other woman answers, “I'm from St. John's, I am.”
The first one responds, “So, am I!! And what street did you live on?”
The other woman says, “A lovely little area, it was in the west end. I lived on Warbury Street in the old central part of town.”
The first one says, “Faith and it's a small world. So did I! So did I! And what school did ya go to?”
The other woman answers, “Well now, I went to Holy Heart of Mary, of course.”
The first one gets really excited and says, “And so did I. Tell me, what year did you graduate?”
The other woman answers, “Well, now, let's see. I graduated in 1979.”
The first woman exclaims, “The Good Lord must be smiling down upon us! I can hardly believe our good luck at winding up in the same pub tonight. Can you believe it; I graduated from Holy Heart of Mary in 1979 me self.”
About this time, Michael walks into the bar, sits down and orders a beer.Brian, the bartender, walks over to Michael, shaking his head and mutters, “It's going to be a long night tonight.”
Michael asks, “Why do you say that, Brian?”
Brian answers, “The Murphy twins are drunk again.”
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Friday, June 4, 2010
6/4/10
Non-Farm Payrolls were up 431,000, but the private sector was up only 41,000. In fact, the census workers accounted for 411,000. Although there were March and April revisions, this is a weak number, and stock market numbers plunged on the news. The unemployment rate fell to 9.7% from 9.9% which is certain to be the data that makes the headlines.
Yesterday not only did interest rates go up, but the stock market fell as well. What a difference a day makes, as today we are seeing stocks tumble after a weak jobs number, but fixed-income prices improve nicely. You can read all the flowery language you want, but it boils down to a poor job market continuing to show that our economy is sluggish, leading to a lower stock market and continued lower rates.
Yesterday not only did interest rates go up, but the stock market fell as well. What a difference a day makes, as today we are seeing stocks tumble after a weak jobs number, but fixed-income prices improve nicely. You can read all the flowery language you want, but it boils down to a poor job market continuing to show that our economy is sluggish, leading to a lower stock market and continued lower rates.
6/3/10
This morning we had the private ADP jobs number, with usually a dubious correlation between this number and the unemployment data which will come out tomorrow. ADP’s report, for example, does not include census hiring (since it is government related), but still showed a gain of 55,000 for its 4th consecutive increase. Tomorrow’s nonfarm number is expected to be up over 500,000, a strong number for the economy. That isn’t to say that rates won’t move higher even if the number comes in as expected – they already are! We also had Initial Jobless Claims out this morning, down 10,000, with the 4-week moving average creeping higher. Also, 1st Quarter Productivity came out at 2.8% with Labor Costs -1.3%, with little change in rates, and still ahead of us Factory Orders (expected +1.8%), the ISM Nonmanufacturing index (expect unchanged), and the auction amounts for next week’s Treasury sale (expect about $80 billion). With all of this we find mortgage prices worse this morning.
6/2/10
Yesterday was yet another volatile day in the markets, with both stocks and bonds chopping around a little. Yesterday we had April’s Pending Home Sales, which are still in positive territory due to the tax credit (buyers have until the end of June to close the sale!). Construction spending was up (its fastest pace in 10 years, and investment in private construction rising for the first time since October), and the ISM index was down less than expected. Lots of eyes are on Friday’s unemployment data, with estimates running between a gain in jobs of 500-600k, and the unemployment rate hovering in the high 9% area. Much of that gain in workers is due to census workers, but May will be the last month in which the Census adds to employment, as temps are released over the coming months. Ahead of a Pending Home Sales number, we find mortgage rates slightly better this morning.
Tuesday, June 1, 2010
Mortgage Market Review - 6/1/10
This Morning…Monday, June 1, 2010:
Most rates improved a bit today as mortgage bonds attempt to continue making modest gains after Thursday’s losses. Both mortgages and Treasuries benefitted from early stock market weakness, although stocks have since made a recovery with the Dow now in positive territory, up over 40-points at the moment. As stocks improved bonds retreated, but have since regained some of the day’s gains with mortgages tightening in to Treasuries. Today’s economic releases showed manufacturing falling less than expected and construction spending up more than expected--not bond friendly data and the price action is not looking good as stocks appear to have some wind under their wings. This week brings the start of the month and a short trading week with the biggie jobs report on Friday. Stay tuned!
Last Week:
Mortgage bond prices fell last week pushing mortgage interest rates higher. The global economic turmoil continued with concerns about instability on the Korean peninsula. The Spanish government took over a regional bank, which added to the fray of an already battered Euro. The Chinese indicated they would not liquidate Euro bond holdings, which was a concern. Stocks continued to bounce up and down, as one hundred point swings were often the norm.
This Week:
It is a semi-busy week for news. Today (Tuesday!) we have Construction Spending (discussed above) and ISM (look for continued expansion with a number above 50), tomorrow is Pending Home Sales, Thursday Initial Claims, Productivity, Factory Orders, and then on Friday, as mentioned above, all the employment data. Tomorrow should be pretty quiet, but volatility will definitely increase as the week progresses towards Friday’s employment figures.
EconomicIndicator
Construction Spending
Tuesday, June 1,10:00 am, et
Up 0.1%
Low importance. An indication of economic strength. A significant decrease may lead to lower rates.
ISM Index
Tuesday, June 1,10:00 am, et
58.9
Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
ADP Employment
Wednesday, June 3,8:30 am, et
Up 50k
Important. An indication of employment. Weakness in payrolls may bring lower rates.
Revised Q1 Productivity
Wednesday, June 3,8:30 am, et
Up 3.6%
Important. A measure of output per hour. Improvement may lead to lower mortgage rates.
Weekly Jobless Claims
Thursday, June 4,8:30 am, et
455k
Moderately Important. A measure of unemployment. Higher claims may bring lower rates.
Factory Orders
Thursday, June 4,10:00 am, et
Up 1.1%
Important. A measure of manufacturing sector strength. A larger decrease may lead to lower rates.
Employment
Friday, June 5,8:30 am, et
Unemp. @ 9.8%,Payrolls +500k
Very important. An increase in unemployment or weakness in payrolls may bring lower rates.
Market Forecast:
Overall, Friday will likely to be the most important day of the week for mortgage rates with May’s Employment report being posted. The rest of the week’s data could also lead to noticeable changes in mortgage rates and we also need to watch for stock market volatility. I suspect this will be a fairly active week for rates, but most of the changes will probably come the latter part of the week.
Some Humor:
A couple was celebrating their golden wedding anniversary on the beaches in Montego Bay, Jamaica. Their domestic tranquility had long been the talk of the town. People would say, "What a peaceful & loving couple."
The local newspaper reporter was inquiring as to the secret of their long and happy marriage. The husband replied, "Well, it dates back to our honeymoon in America. We visited the Grand Canyon, in Arizona, and took a trip down to the bottom of the canyon, by horse. We hadn't gone too far when my wife's horse stumbled and she almost fell off."
My wife looked down at the horse and quietly said, 'That's once.'"
We proceeded a little further and her horse stumbled again. Again my wife quietly said, 'That's twice.'"
We hadn't gone a half-mile when the horse stumbled for the third time my wife quietly removed a revolver from her purse and shot the horse dead."
The man continued, "I shouted at her, 'What's wrong with you, woman?! Why did you shoot the poor animal like that, are you *%&#@$ crazy!?'
She looked at me, and quietly said, 'That's once.'
And from that moment we have lived happily ever after."
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
Most rates improved a bit today as mortgage bonds attempt to continue making modest gains after Thursday’s losses. Both mortgages and Treasuries benefitted from early stock market weakness, although stocks have since made a recovery with the Dow now in positive territory, up over 40-points at the moment. As stocks improved bonds retreated, but have since regained some of the day’s gains with mortgages tightening in to Treasuries. Today’s economic releases showed manufacturing falling less than expected and construction spending up more than expected--not bond friendly data and the price action is not looking good as stocks appear to have some wind under their wings. This week brings the start of the month and a short trading week with the biggie jobs report on Friday. Stay tuned!
Last Week:
Mortgage bond prices fell last week pushing mortgage interest rates higher. The global economic turmoil continued with concerns about instability on the Korean peninsula. The Spanish government took over a regional bank, which added to the fray of an already battered Euro. The Chinese indicated they would not liquidate Euro bond holdings, which was a concern. Stocks continued to bounce up and down, as one hundred point swings were often the norm.
This Week:
It is a semi-busy week for news. Today (Tuesday!) we have Construction Spending (discussed above) and ISM (look for continued expansion with a number above 50), tomorrow is Pending Home Sales, Thursday Initial Claims, Productivity, Factory Orders, and then on Friday, as mentioned above, all the employment data. Tomorrow should be pretty quiet, but volatility will definitely increase as the week progresses towards Friday’s employment figures.
EconomicIndicator
Construction Spending
Tuesday, June 1,10:00 am, et
Up 0.1%
Low importance. An indication of economic strength. A significant decrease may lead to lower rates.
ISM Index
Tuesday, June 1,10:00 am, et
58.9
Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
ADP Employment
Wednesday, June 3,8:30 am, et
Up 50k
Important. An indication of employment. Weakness in payrolls may bring lower rates.
Revised Q1 Productivity
Wednesday, June 3,8:30 am, et
Up 3.6%
Important. A measure of output per hour. Improvement may lead to lower mortgage rates.
Weekly Jobless Claims
Thursday, June 4,8:30 am, et
455k
Moderately Important. A measure of unemployment. Higher claims may bring lower rates.
Factory Orders
Thursday, June 4,10:00 am, et
Up 1.1%
Important. A measure of manufacturing sector strength. A larger decrease may lead to lower rates.
Employment
Friday, June 5,8:30 am, et
Unemp. @ 9.8%,Payrolls +500k
Very important. An increase in unemployment or weakness in payrolls may bring lower rates.
Market Forecast:
Overall, Friday will likely to be the most important day of the week for mortgage rates with May’s Employment report being posted. The rest of the week’s data could also lead to noticeable changes in mortgage rates and we also need to watch for stock market volatility. I suspect this will be a fairly active week for rates, but most of the changes will probably come the latter part of the week.
Some Humor:
A couple was celebrating their golden wedding anniversary on the beaches in Montego Bay, Jamaica. Their domestic tranquility had long been the talk of the town. People would say, "What a peaceful & loving couple."
The local newspaper reporter was inquiring as to the secret of their long and happy marriage. The husband replied, "Well, it dates back to our honeymoon in America. We visited the Grand Canyon, in Arizona, and took a trip down to the bottom of the canyon, by horse. We hadn't gone too far when my wife's horse stumbled and she almost fell off."
My wife looked down at the horse and quietly said, 'That's once.'"
We proceeded a little further and her horse stumbled again. Again my wife quietly said, 'That's twice.'"
We hadn't gone a half-mile when the horse stumbled for the third time my wife quietly removed a revolver from her purse and shot the horse dead."
The man continued, "I shouted at her, 'What's wrong with you, woman?! Why did you shoot the poor animal like that, are you *%&#@$ crazy!?'
She looked at me, and quietly said, 'That's once.'
And from that moment we have lived happily ever after."
The material contained in this newsletter is provided by a compilation of third parties to real estate, financial services and other professionals for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
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