Welcome to the first Housing Market Monday blog post! Written each Monday by a different North Texas Team Preferred Lender, Housing Market Monday is a weekly update on the housing market and economy in general.
Mortgages underperformed yesterday with the FN30 4% ~1.25/32nds wider to the treasury curve and -.50/32nds wider to the swap curve. Mortgage originations dropped back to within 5% of the 5 day average finishing the day at $2.26 billion. The 5 day average was $2.38 billion.
In agency swaps yesterday, the Ginnie2/Fannie 3.5% swap moved lower, decreasing by 1/32nds to 24/32nds. The Gold/Fannie 3.5% swap moved lower, decreasing by .50/32 to 1.50/32 and the 4’s were flat remaining at 1/32nds. At 5:00 PM, the FNCL 4’s were up by +5.5/32nds closing at 102-06+ and FNCI 3.5’s were up by +3.5/32nds closing at 101-21+. Equities closed mixed on Thursday with the S&P 500 up +2.63 ending at 2,703.96, the Dow Jones up +164.70 ending at 24,962.48, and the Nasdaq down -8.14 ending at 7,210.09.
The jobless claims number came in lower than expected at 222k, down from 229k (revised) last week. Continuing claims also beat expected levels decreasing to 1875k from the prior 1948k print (revised).
Four Federal Reserve Presidents will speak later today; William C. Dudley, Eric S. Rosengren, Loretta J. Mester, and John C. Williams. The Fed ops is scheduled to purchase $1.015 billion of Fannie/Freddie securities focusing mainly in the 4% coupon.
Overnight equities in Europe and Asia were mixed with the FTSE 100 closing down -29.18 and Nikkei up +156.34. Equity futures are up in front of the opening bell with the S&P up +11.75, Dow futures up +133.00, and the Nasdaq up +33.25.
This Housing Market Monday blog post was written by Peggy Krueger, a North Texas Team Preferred Lender with First United Mortgage Group. Peggy Krueger is a mortgage expert with years of experience in the North Dallas housing market. She is passionate about serving clients while providing them with exceptional customer service and a smooth, professional process. Out of countless lenders, The North Texas Team handpicks the best to make sure you are provided a top-notch customer experience from contract to close. Peggy Krueger (NMLS ID#: 370494) can be reached at (940) 240-5000 or firstname.lastname@example.org. Who you work with matters!