| Last | Change | Percent | |
| S&P Futures | 1678.5 | -7.7 | -0.46% |
| Eurostoxx Index | 2818.5 | -7.1 | -0.25% |
| Oil (WTI) | 105.7 | -0.3 | -0.25% |
| LIBOR | 0.265 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 81.5 | 0.370 | 0.46% |
| 10 Year Govt Bond Yield | 2.58% | 0.00% | |
| Current Coupon Ginnie Mae TBA | 105 | 0.1 | |
| Current Coupon Fannie Mae TBA | 104 | 0.1 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.31 |
Markets are weaker this morning after Japanese GDP came in lower than expected. There is no economic data this morning, but we will have a lot of it later this week. Bonds and MBS are up small on the risk-off trade.
This week will be relatively data-heavy, with inflation numbers (which matter again) and industrial data. We also get housing starts this week.
The Office of the Inspector General has releases a mid-point assessment of the HARP program. So far, 2.4 million borrowers have refinanced under HARP, while it has been estimated that 4 to 5 million were eligible. Overly-tight restrictions in the beginning account for the slow start. Also, the report cites a lack of awareness. FHFA intends to launch a nationwide public education campaign.
Separately, FHFA weighed in on eminent domain. They threaten to direct the agencies to restrict or cease business activities within the jurisdictions of any state or local authority that uses eminent domain to restructure mortgage loan contracts. SIFMA has already said that loans coming from such jurisdictions would be ineligible for TBA trading. Now FHFA is saying they are uninsurable. That should end the discussion on the use of eminent domain. Of course FHFA nominee Mel Watt has refused to take a stand on the use of eminent domain, which is another reason why he is a long shot to take over FHFA.
MBA reported that applications for new home purchases increased 14% compared to the previous month. This is not a seasonally adjusted number. MBA estimates that sales of new single family homes were running at a seasonally adjusted annual rate of 481,000 in July.
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