Mortgage Market Update for Feb 27th

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Real Estate Mortgage Broker with Guaranteed Rate Mortgage

Mortgage Market Update for Feb 27th

Good day for stocks and bonds, with mortgages dragging behind. Right now the Dow is trading a hair over 13,000 and cash 10yr notes are up 15+/32nds. Mortgages are putting in a less impressive session with Fannie 3.5s up just 5+ on the day. 10yr yields are at 1.92 and tracking pretty closely to the recent 10yr trading range. Light data today, but a few releases that affect our market. Pending Home Sales MoM, climbed to +2.0% after a holiday-season reading of -1.9% last month. Year-over-year, that number has climbed to 10.3% from 4.4%. Fannie Mae announced today a pilot program to bulk sell REO properties in harder-hit areas.

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Rainer
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Michael S. Bolton
MN Appraiser
Michael S. Bolton,Inc.

That's definitely a large increase in pending sales. What's your opinion of Fannie Mae selling REO's in bulk?

In some ways I'm glad that all of the inventory isn't going to hit the market, but the little investor is going to get squeezed out, and not to mention that some people are going to have an wanted rental property next to them.

Have an AWESOME day!

February 27, 2012 05:34 PM
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Rainer
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Chad Ronning

FHA, VA, USDA, Home Path
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My goal is to articulate my opinions on mortgage and real estate related news and reports.