Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 30th, 2009 - FLOAT or LOCK?

Current Pricing of FNMA 30 Year 4.5% Bond: $101.34
+0 bps (Prior Close – $101.34)

Market Update: Mortgage Backed Security (MBS) pricing is unchanged today from yesterday's close. There were some big reports issued today and the Stock market is currently in the red. We don't think there will be a significant amount of volatility until Friday, when the Jobs Report is released.

Economic News: The monthly ADP report was released this morning showing higher losses in the job market than expected. Also in the news, the Chicago Purchasing Managers Index was released significantly lower than expected. In other economic headlines this morning, the Final Gross Domestic Product for the second quarter was revised for the better.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 29th, 2009 - FLOAT or LOCK?

Current Pricing of FNMA 30 Year 4.5% Bond: $101.38
+3 bps (Prior Close – $101.35)

Market Update: Mortgage Backed Security (MBS) pricing is slightly higher today from yesterday's close.

Economic News: Consumer Confidence for September was reported at 53.1 versus expectations of 57.0. This report is quite a bit lower than economist were expecting and shows the consumer isn't as optimistic, as Wall Street, about the economy. On the news, Stocks reversed lower, helping MBS improve from their worst levels today. Also today, the Case-Shiller Home Price Index came in better than expectations. The index showed 18 out of 20 large cities had month-over-month price improvements. This may indicate that that the worst of the housing price declines are behind us.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 28th, 2009 - FLOAT or LOCK?

Current Pricing of FNMA 30 Year 4.5% Bond: $101.16
+3 bps (Prior Close – $101.13)

Market Update: Mortgage Backed Security (MBS) pricing is currently slightly higher today from Friday's close.

Economic News: This will be a very active week in the markets and mortgage rates. The most important day will be Friday due to the employment report being released, but Tuesday's and Thursday's data can also fairly heavily influence mortgage rates. There is nothing of importance scheduled for release today, so look for the Stock market to influence bond trading and mortgage rates.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 25th, 2009 - FLOAT or LOCK?

Current Pricing of FNMA 30 Year 4.5% Bond: $101.03
+9 bps (Prior Close – $100.94)

Market Update: Mortgage Backed Security (MBS) pricing is currently higher today from yesterday's close. The market opened slightly lower but has been improving as Stocks are declining.

Economic News: Durable Goods Orders for August unexpectedly dropped 2.4% for the largest decline since January. Durables Goods are defined as orders for goods that last 3 years or more, like flat screen TV's, furniture and appliances. Additionally, New Home Sales for August were reported only slightly lower than expectations. However, the report showed some signs of an improving market as the inventory of unsold homes dropped to its lowest level since January 2007. This report is likely due to less construction from new home builders as opposed to increased demand.

Recommendation: LOCK

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 24th, 2009 - FLOAT or LOCK?

Current Pricing of FNMA 30 Year 4.5% Bond: $100.94
+28 bps (Prior Close – $100.66)

Market Update: Mortgage Backed Security (MBS) pricing is higher today.

Economic News: Initial Jobless Claims came in below expectations. Bonds worsened initially, but moved back to positive territory. Existing Home Sales were also reported less than expected. However, the inventory of unsold homes fell to the lowest inventory level since April 2007.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 23rd, 2009 - FLOAT or LOCK?

Current Pricing of FNMA 30 Year 4.5% Bond: $100.50
-6 bps (Prior Close – $100.56)

Market Update: Mortgage Backed Security (MBS) pricing is slightly lower this morning from yesterday's close.

Economic News: There are no economic reports due for release today, but the Fed will end its meeting this afternoon with the release of its Monetary Policy Statement. We don't think the Fed will change the Fed Funds Rate, but the markets will be looking for comments about the bottoming of the recession and the continued MBS purchase program.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

FLOAT or LOCK? Phoenix Home Mortgage Interest Rate Update and Recommendation - Sept 22nd, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.56
+9 bps (Prior Close – $100.47)

Market Update: Mortgage Backed Security (MBS) pricing is slightly higher this morning after yesterday afternoon's sell off. Bonds will once again take direction from the Stock market today.

Economic News: There are no economic reports due for release today. The Federal Reserve starts it's 2-day meeting today with the official FOMC statement coming on Wednesday afternoon about interest rates. The results for the $43 Billion 2-Year Treasury Note auction will also be released this afternoon.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

FLOAT or LOCK? Phoenix Home Mortgage Interest Rate Update and Recommendation - Sept 21st, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.66
+22 bps (Prior Close – $100.44)

Market Update: Mortgage Backed Security (MBS) pricing is higher this morning after a very volatile week. Bonds will likely take direction from the Stock market today. Bonds are higher this morning after a nice run-up in the equity markets, which is resulting in some profit taking from traders.

Economic News: There are no economic reports due for release today. However, this week will bring record size Treasury auctions beginning on Tuesday afternoon. Also this week, the Federal Reserve starts it's 2-day meeting tomorrow with their statement coming on Wednesday afternoon.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

FLOAT or LOCK? Phoenix Home Mortgage Interest Rate Update and Recommendation - Sept 18th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.56
-34 bps (Prior Close – $100.90)

Market Update: Mortgage Backed Security (MBS) pricing is much lower this morning after yesterday's nice rally. This is largely due to profit taking and strength in the Stock market. Stocks could be volatile today for a number of reasons, including expiring Stock index futures and light trading (which makes the market have exaggerated moves) due to Rosh Hashanah. This also means we may see high volatility in the Bond market as well.

Economic News: There are no economic reports due for release today.

Recommendation: LOCK

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

FLOAT or LOCK? Phoenix Home Mortgage Interest Rate Update and Recommendation - Sept 17th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.62
+22 bps (Prior Close – $100.40)

Market Update: Mortgage Backed Security (MBS) pricing is higher this morning from yesterday's close. Next weeks Treasury auction will be announced today. The recent auctions have been well received so this may help support Bond prices today.

Economic News: Signals of the recession bottoming out continue as Housing Starts for August came in at the best level since last November. New Building Permits were reported a bit lower than expected, but overall the report suggests that the worst in the housing market may be behind us. Initial Jobless Claims were reported lower than Wall Street expected. Also today, the Philly Fed Index surged to 14.1 but still shows sign of business pullback in the Mid-Atlantic region.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

FLOAT or LOCK? Phoenix Home Mortgage Interest Rate Update and Recommendation - Sept 16th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.59
+12 bps (Prior Close – $100.47)

Market Update: Mortgage Backed Security (MBS) pricing is higher this morning from yesterday's close. High volatility continues in the Bond market this morning as the economic reports started rolling in. It is now "official" the recession is over; Bernanke blessed it yesterday, Warren Buffet this morning.

Economic News: Consumer Price Index was reported slightly higher than expected this morning. After stripping out volatile food and energy, however, the Core CPI was in line with expectations at an increase of 1.4% year over year. Capacity Utilization and Industrial Production both came in a little hotter than expected by Wall Street.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.

FLOAT or LOCK? Phoenix Home Mortgage Interest Rate Update and Recommendation - Sept 15th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.44
-6 bps (Prior Close – $100.50)

Market Update: Mortgage Backed Security (MBS) pricing is lower this morning from the yesterday afternoon sell-off in the Bond market.

Economic News: Retail sales jumped in August more than expected, even excluding the increase in auto sales due to the Cash for Clunkers program. In fact, the increase was the largest month-over-month increase in 3 ½ years. The Producer Price Index came in more than double expectations which is prompting concerns of wholesale inflation. A better gauge on consumer inflation will be released tomorrow, when the Consumer Price Index is released. Additionally, the New York State Manufacturing Index reached its highest level since late 2007.

Recommendation: FLOAT


For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 14th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.75
-3 bps (Prior Close – $100.78)

Market Update: Mortgage Backed Security (MBS) pricing is slightly lower this morning from Friday. President Obama imposed tariffs on Chinese tires, then the world’s fastest growing major economy said it is investigating U.S. sales of chicken and auto products. As a result, there is some concern that China could sell some of their Mortgage Bonds, which would cause home loan rates to increase.

Economic News: There are no scheduled economic reports due to be released today so Bonds will take direction from Stocks.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 11th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $101.06
+31 bps (Prior Close – $100.75)

Market Update: Mortgage Backed Security (MBS) pricing is higher this morning from yesterday. The Treasury auctions this week showed good demand for bonds and helped Mortgage Bonds continue their uptrend in price, lower in rate.

Economic News: The consumer sentiment report came in more positive than expected with a reading of 71.8 and the consensus was for 67.8. This would be expected to be a negative for bonds and mortgage pricing. However, even 15 minutes after the report came out, Treasury and MBS markets have not moved on the news.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 10th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.97
+28 bps (Prior Close – $100.69)

Market Update: The Mortgage Backed Security (MBS) pricing is higher this morning from yesterday. Yesterday's Treasury auction showed good foreign participation and helped MBS close higher.

Economic News: Initial Jobless Claims were reported better than expected, but still at a high level. Continuing Claims, which represent the number of people still receiving benefits, dropped a bit but this is probably due to benefits expiring rather than people finding new jobs.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 9th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.59
+3 bps (Prior Close – $100.56)

Market Update: The Mortgage Backed Security (MBS) pricing is nearly unchanged this morning from yesterday. Yesterday's Treasury auction was well received by traders and helped MBS close slightly higher.

Economic News: The Fed Beige Book findings will be released this afternoon and could have an impact on the markets.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 8th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.66
+16 bps (Prior Close – $100.50)

Market Update: The Mortgage Backed Security (MBS) pricing is moving higher this morning after a long holiday weekend. Stocks initially opened higher this morning but have since pulled back, strengthening Bond prices.

Economic News: There are no economic reports being released today. But the action promises to pick up today with the start of the three big Treasury auctions. A total of $70B in Treasuries will be auctioned this week.


Recommendation: FLOAT

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 4th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.59
-16 bps (Prior Close – $100.75)

Market Update: The Mortgage Backed Security (MBS) pricing is moving lower this morning from yesterday. The Jobs Report for August has Stock traders feeling very good this morning. The inflation component of the Jobs Report also shows low inflation which is good news for bonds as well. The initial reaction was as you would expect, a lot of volatility.

Economic News: 216,000 jobs were lost in August, which is better than the 230,000 job losses that were expected. While this appears to be good news, these numbers are often revised in reports issued in future months. What we do know for sure is that the overall unemployment rate climbed to 9.7% last month, which is more than double what it was two years ago and marks the highest level seen in 26 years.


Recommendation: LOCK

FLOAT OR LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 3rd, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.75
-12 bps (Prior Close – $100.88)

Market Update: The Mortgage Backed Security (MBS) pricing is lower this morning from yesterday, with strength in Asian markets last night money has started to flow out of Bonds.

Economic News: The Labor Department says the number of unemployed workers filing for jobless benefits fell last week by 4,000 to 570,000, but that was less than the 560,000 figure the market had been expecting. Overall, the report indicates that the labor market is still declining. This comes ahead of tomorrow's official Jobs Report, which is the best measure we have of real-time job creations and losses. ISM services sector hit at 48.4 frm 46.4 in July; generally on target.


Recommendation: LOCK

FLOAT OR LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 2nd, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $101.03
+38 bps (Prior Close – $100.66)

Market Update: The Mortgage Backed Security (MBS) pricing is higher this morning from yesterday, thanks in part to the recent pullback in Stocks.

Economic News: The ADP Employment report came in worse than expected showing 298K job losses in the private sector, worse than the 200K expected. Also this morning, Revised Productivity for the 2nd quarter beat expectations and showed the largest gain in nearly six years. This emphasizes that businesses are maximizing output from their current staff. These better efficiency gains help to keep inflation low, which is good for Bonds.

Recommendation: FLOAT

FLOAT OR LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 1st, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.53
+6 bps (Prior Close – $100.47)

Market Update: The Mortgage Backed Security (MBS) pricing is higher this morning from yesterday's close. MBS are benefiting from nervous stock investors, as September is typically one of the worst trading months of the year.

Economic News: Pending Home Sales rise 3.2% in July versus estimates of a 1.5% increase. The Institute of Supply Management Index also beat estimates coming in at 52.9, better than expectations of 50.2. A reading above 50 indicates expansion, while a reading below 50 indicates contraction, so this is a another positive sign for the manufacturing sector.

Recommendation: FLOAT