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Blog :: 10-2015

Fall for Houses Photo Competition

Amateur photographers in Fairfield County are invited to submit photos for the NewBridge International First Annual "Fall for Houses" photo contest.  Photos must showcase candidate's home or property in all its Autumnal Splendor in Fairfield County.  Go to our home page and click on the link.  Submissions are being accepted from October 15 through November 5.

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    Weekly Mortgage Message from our in-house Mortgage Master Specialist Colleen Polson

     

    Loan Program

    Up to $417,000

    $417,001 - $601,450

    $601,451-$1,000,000

    30 yr Fixed Rate

    3.75% APR 3.825%

    4% APR 4.066%

    3.75% APR 3.791%

    15 yr Fixed Rate

    3% APR 3.127%

    3.25% APR 3.369%

    3.25% APR 3.326%

    5/1 Adjustable Rate

    3% APR 3.132%

    2.625% APR 2.686%

    2.625% APR 2.790%

    Single family, owner occupied, 80% loan to value, 740 or better fico

    Current Trend Direction: Sideways

    Advise Your Clients: Locking

    Current Price of FNMA 3.5% Bond: $104.47, +6bp

    Mortgage Bonds continue to trade just beneath resistance and hover near the best levels of the year.    

    The only economic report to be released today is the NAHB Housing Market Index at 10am.  The rest of the week's calendar is on the light side with Weekly Claims, Housing Starts, Building Permits and Existing Home Sales.  

    There are no Treasury Note or Bond auctions this week. 

    Stocks are lower on weak earnings out of Morgan Stanley along with China reporting GDP in Q3 of 6.9%. And where it barely beat estimates of 6.8%, it was the first time it was below 7% since the global financial crisis began.  Any other developed country would kill for 6.9% growth, so we are not as disappointed on the news as some may be.

    Technically, as mentioned, the Bond continues in its sideways pattern with no clear signs of a breakout to the upside from current levels. And where we see that Stocks are lower, the sentiment can quickly reverse during the session. Clients  should  still be advised to lock. 

    One thing we are watching ... the importing of deflation on goods and services around the globe. If we see continued deflation and/or disinflation ... that may be enough to push Bonds a bit higher.  

    Clients should still be advised to lock at what looks like the top of the present market.  

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      1. No comments. Be the first to comment.

      Weekly Mortgage Message from our in-house Mortgage Master Specialist Colleen Polson

       

      Loan Program

      Up to $417,000

      $417,001 - $601,450

      $601,451-$1,000,000

      30 yr Fixed Rate

      3.75% APR 3.825%

      4% APR 4.066%

      3.75% APR 3.791%

      15 yr Fixed Rate

      3% APR 3.127%

      3.25% APR 3.369%

      3.375% APR 3.453%

      5/1 Adjustable Rate

      3% APR 3.132%

      2.625% APR 2.686%

      2.625% APR 2.790%

      Single family, owner occupied, 80% loan to value, 740 or better fico

      Current Trend Direction: Lower

      Advise Your Clients: Locking

      Current Price of FNMA 3.5% Bond: $104.19, -3bp

      Note: The Monthly Bond Rollover occurred after the close on Friday with the effect being -9p for the 3.5% coupon. Every month the coupon "rolls over". In this case, this month's coupon is closed out and all new loans are placed into next month's coupon. There is no effect on rate sheets or pricing. Think of it as the time they mature. The recently closed issue, loans that are satisfied 30 years from now, are packaged and sold. Because the seller or wholesale lender now has an additional 30-days, it is like having a 30-day extension on their rate lock.

      Mortgage Bonds begin the week near unchanged, while Treasury prices are higher after the Bond markets closed yesterday in observance of Columbus Day. 

      Weak disappointing trade data out of China is pushing Stock prices lower and comes after seven straight days of gains for Stocks. However, Stock prices are off their opening lows. 

      There are no economic reports due for release today, but the rest of the week is packed with data on wholesale and consumer inflation, manufacturing, Retail Sales and Consumer Sentiment.  In addition, earnings season continues.  

      Technically, the Bond is trading just above support at the 200-day Moving Average.  With Stocks lower this morning and Mortgage Bonds not being able to put together any meaningful gains, clients should consider locking.  Have a great week. 

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        Weekly Mortgage Message from our in-house Mortgage Master Specialist Colleen Polson

         

        Loan Program

        Up to $417,000

        $417,001 - $601,450

        $601,451-$1,000,000

        30 yr Fixed Rate

        3.75% APR 3.825%

        4% APR 4.066%

        3.65% APR 3.667%

        15 yr Fixed Rate

        3 % APR 3.127%

        3.125% APR 3.243%

        3.25% APR 3.326%

        5/1 Adjustable Rate

        2.875% APR 2.947%

        2.625% APR 2.686%

        2.625% APR 2.790%

        Single family, owner occupied, 80% loan to value, 740 or better fico

        Current Trend Direction: Higher

         

        Advise Your Clients:  Start the day floating...but be ready to lock.

        Current Price of FNMA 3.5% Bond: $104.50, -9bp
         

        With the specter of a rate hike all but off the table in 2015, Stock futures are pointing higher, while Bond prices open the week slightly lower. 
         

        September Non-farm Payrolls came in at 142K, below the 205K expected while July and August were revised lower by a total of 59K. There is now nearly no chance of Fed Funds Rate hike at the end of this month, a 27% chance in December with the most likely hike to occur in March 2016...maybe.
         

        In addition, the US dollar index is trading lower against most major currencies as investors continue to react to Friday's bearish Non-farm Payrolls report as yields pushed lower. Lower Treasury yields are making the U.S. dollar a less-desirable investment.
         

        The economic calendar is extremely light this week with just today's ISM Services being released at 10am and Weekly Initial Jobless Claims on Thursday.  The Treasury will be selling a total of $58B in Notes and Bonds this week beginning on Tuesday, Wednesday and Thursday.
         

        The September Fed minutes will be released at 2:00pm ET on Thursday and will garner some attention. 
         

        Technically, the Bond is now trading above support at the 200-day Moving Average, which was a stiff level of resistance for most of 2015. But with Stocks now feeling giddy, due to the fading chances of a rate hike this year, it could come in expense of Bonds.  Consider trying to float, but be ready to lock once again if prices begin to drift lower.


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