In this edition of the Housing Market Update, now posted separately from the Fed Report, we look at the stunning collapse in purchase mortgage applications this week, and rise in the Homebuilders’ survey data. That dichotomy was expected, and we know just how to reconcile it. Click here to download the complete report in pdf…
Tag Archive for Mortgage Applications
Economics, Housing, Latest Business Headlines
Best They Can Do?
by Lee Adler • • 0 Comments
Originally published by email . Use the form in the right sidebar to receive the free Wall Street Examiner Economic Bulletin emails. I update this chart of mortgage applications weekly in the Wall Street Examiner Professional Edition Fed Report. It is based on data published by the Mortgage Wankers Association each week. The more important…
Liquidity Trader Complete, Professional Edition
Best Laid Plans Don’t Always Work- Professional Edition
by Lee Adler • • 0 Comments
The masters of yield suppression fell down on the job today. 10 year yields at the auction popped up 5 basis points from yesterday’s levels in the market. Prior to the auction there was no news “hook” that they could use to generate some selling in stocks in order to push the yields down. The…
Housing
Sour Housing Notes
by Lee Adler • • 0 Comments
The following is an excerpt from the Professional Edition Fed Report of December 23. It was also made available to Wall Street Examiner Economic Bulletins, a free email service, on December 24. You can subscribe via the form in the left sidebar. The Mortgage Bankers Association’s Mortgage Applications index announced Wednesday did a belly flop.…
Liquidity Trader Complete, Professional Edition
Fed Coy As Panic Boosts Treasuries – Professional Edition
by Lee Adler • • 1 Comment
The mortgage applications data released on Tuesday continues to cast doubt on the NARs data showing a recovery or stabilization in the housing market. I don’t question their data, but the MBAAs data and Zillow’s data do not support it. See https://wallstreetexaminer.com/2009/09/01/more-little-lies-and-big-spin-gains-or-blips The Treasury completed 3 bill auctions this week with buying at panic levels,…
Liquidity Trader Complete, Professional Edition
Devil In the Details – Professional Edition
by Lee Adler • • 0 Comments
Mortgage applications rose last week, but the devil is in the details. Only refis increased in response to lower rates. Purchase apps fell sharply again, with the index still refusing to break a 19 month downtrend line. Meanwhile, the Treasury market has had another vicious turn. Click here to download complete report in pdf format…
Liquidity Trader Complete, Professional Edition
The Final Backstop- None- Professional Edition
by Lee Adler • • 0 Comments
The Fed released its H41 balance sheet report, money supply, commercial paper, and primary dealer data on Thursday and the MBAA released its mortgage applications data. The Fed shrunk its balance sheet for the 5th week in a row in spite of big increases in TAF and CPR. Meanwhile, FCBs continued to binge on Treasuries…
Liquidity Trader Complete, Professional Edition
Treasury Pays Down, FCBs Buy, Fed Drains – Professional Edition
by Lee Adler • • 0 Comments
The Treasury paid down debt this week. Partly as a result of that, the indirect bid at the auctions was huge, signaling that foreign central banks continue to buy Treasuries at a breakneck pace. Meanwhile, spreads between GSE paper and Treasuries continued to widen at the same time as Treasury yields headed sharply higher. Once…
Liquidity Trader Complete, Professional Edition
Fed Forced to Act to Stop Housing Collapse – Professional Edition
by Lee Adler • • 0 Comments
The Mortgage Applications index dropped to its lowest point in 8 years at the end of October. As of the week ended November 21 it had barely budged off that level. The bailout of Fannie and Freddie last summer had the opposite effect of what was hoped for, as spreads on Fannie and Freddie paper…
Liquidity Trader Complete, Professional Edition
Fed Report Publication Note
by Lee Adler • • 0 Comments
The Fed Report will not be published today. There were no Treasury Auctions, no new Treasury Announcements, and no substantive changes in any of the other data tracked in the report except for the Mortgage Applications Index. That showed a steep drop to another 7 year low, below the lowest level recorded in 2001. It’s…
