Month: February 2023

Markets Surprisingly Surprised by Unsurprising Powell Comments

Markets Surprisingly Surprised by Unsurprising Powell Comments We were pretty sure we knew what Powell would generally say in today’s press conference.  He turned out to be generally predictable.  After all, there are really only two things the Fed can think or say right now: A) still need to see more progress on inflation and B) data will determine when our job is done.  Despite Powell’s unsurprising comments, the market was apparently surprised (or relieved?).  This is surprising considering the simple list of routes in the Fed playbook.  Perhaps it’s as simple as the market being overly prepared for a Hawkish smackdown from Powell and instead getting a logical approach.   Econ Data / Events ADP Employment 106 vs 178 f’cast, 253 prev ISM Manufacturing 47.4 vs 48.0 f’cast, 48.4 prev ISM Prices 44.5 vs 39.4 prev Job openings and labor turnover survey (JOLTS) 11.012 vs 10.44 mln prev Market Movement Recap 08:38 AM Flat in Asia.  Slightly stronger in Europe.  Additional gains after ADP Employment data.  10yr down 4bps at 3.472.  MBS up nearly a quarter point. 10:24 AM Weaker into and out of the 10am data.  Still stronger on the day, but at weakest levels.  MBS down 1 tick (0.03) in 5.0 coupons.  10yr down 1.3bps at 3.499 12:09 PM Decent recovery now.  MBS up at least an eighth in 5.0 coupons.  10yr down 3.5bps on the day at 3.479. 03:11 PM Almost exclusively positive in response to the Powell press conference.  10yr down 11bps at 3.402 and MBS up half a point.

Fed delivers the expected 25 bps rate hike. What’s next? 

As expected, the Fed slowed the rate hikes in 2023 amid cooling inflation data, sparking hopes of a recovery for the housing market this year.

Mortgage rates should keep falling, boosting home-builder stocks, analysts say – MarketWatch

Mortgage rates should keep falling, boosting home-builder stocks, analysts say  MarketWatch

LeaderOne Financial Review: A 100% Employee Owned Lender That Strives to Provide World Class Service

Today we’ll check out LeaderOne Financial, a 100% employee-owned mortgage lender based in Overland Park, Kansas. Despite being founded in the early 1990s, they pride themselves on being both green and paperless, aka digital. But they also stick to their Midwestern values, which means respecting their customers, keeping their word, and treating people fairly. Their… Read More »LeaderOne Financial Review: A 100% Employee Owned Lender That Strives to Provide World Class Service

The post LeaderOne Financial Review: A 100% Employee Owned Lender That Strives to Provide World Class Service appeared first on The Truth About Mortgage.

Wells Fargo cuts 140 jobs as it exits the correspondent channel

The workforce reduction started on Tuesday with correspondent lending employees at the Wells Fargo Mortgage office in Springfield, Illinois. 

Cash-Out Refinance Mortgage

Cash-Out Refinance Mortgage is a post from Pocket Your Dollars.

Mortgage Applications Rise Even As Rates Inch Up. Is It Time To Buy Or Refinance?

The real estate market was hit hard in the recent downturn. But not all is lost. Rates are low, and home prices are down. Buying a house? You’re in luck.

The post Mortgage Applications Rise Even As Rates Inch Up. Is It Time To Buy Or Refinance? appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

How Tax Brackets Work (in 3 Easy Charts)

Let’s address the most common mistake in understanding taxes, how tax brackets work, and how you can save thousands from your tax bill.