| Last | Change | Percent | |
| S&P Futures | 1650.4 | 13.7 | 0.82% |
| Eurostoxx Index | 2837.6 | 1.8 | 0.06% |
| Oil (WTI) | 104.5 | -062 | -0.61% |
| LIBOR | 0.264 | 0.001 | 0.34% |
| US Dollar Index (DXY) | 81.26 | 0.076 | 0.09% |
| 10 Year Govt Bond Yield | 2.84% | 0.03% | |
| Current Coupon Ginnie Mae TBA | 102.9 | -0.1 | |
| Current Coupon Fannie Mae TBA | 102 | -0.7 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.59 |
Markets are higher this morning after a few economic numbers suggested strength in the economy. Bonds and MBS are down
Initial Jobless Claims came in at 336k, while the FHFA home price index rose .7% last month. A preliminary ISM number showed manufacturing gaining strength.
The minutes from the FOMC meeting didn't give any new insights into the Fed's thinking about tapering. Most of the research pieces seem to think that the Fed is going to start tapering at the September meeting. They are sticking to their story that the economy will start picking up steam in the second half.
As the refi boom ends, banks are cutting workers in the mortgage department. Wells just announced it is laying off 20% of its mortgage production staff, or about 2300 workers. Wells' business was 70% refis in 1H and it has dropped to 50%.
The Ellie Mae Origination Report shows that purchases are now a bigger percentage of originations than refis. It also looks like credit is beginning to thaw, as the average FICO score for closed loan dropped from 742 to 737 in July. 75% of closed loans had average FICOs above 700 vs 83% a year ago.
MR will be taking a hiatus for the next week as I will be on vacation.
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