| Last | Change | Percent | |
| S&P Futures | 1700.7 | -1.8 | -0.11% |
| Eurostoxx Index | 2811.4 | 2.4 | 0.08% |
| Oil (WTI) | 107 | 0.5 | 0.44% |
| LIBOR | 0.266 | 0.001 | 0.38% |
| US Dollar Index (DXY) | 81.74 | -0.138 | -0.17% |
| 10 Year Govt Bond Yield | 2.63% | 0.00% | |
| Current Coupon Ginnie Mae TBA | 104.6 | 0.0 | |
| Current Coupon Fannie Mae TBA | 103.9 | 0.1 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.37 |
Stocks are lower this morning on no real news. August is usually a slow month, so you often see big moves on no real volume, or without any important reason. Bonds and MBS are up.
Mortgage Applications rose last week for the first time in two months. The purchase index was up small while the refi index fell slightly.
Obama laid out his housing plan in a speech yesterday. There was nothing major in it, with the exception that he wants to tax mortgage backed securities to fund low-income housing. Supposedly this would replace explicit goals for lending to low income borrowers. So basically, it is euthanize Fan and Fred, beef up FHA, make the government a mortgage reinsuer, and impose an additional tax on mortgage backed securities.
Freddie Mac may do something about eminent domain.
No MR tomorrow of Friday
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