Jack's Morning Update

Daily Rate Briefing: TARIFFS AND RATES Let’s start today with applications and see how your pipeline stacks up against the national average. Week over week, mortgage applications fell 2.5%. Refinance applications were down 2.3% and purchase applications slipped 2.9%. In other words, activity was relatively stable. If your application volume…

Daily Rate Briefing: RATES & JOBS Due to traveling last week (see Jackism below), this is my first update since last Tuesday. So let’s take a quick look at what happened while I was away. The good news is mortgage-backed securities are up 22 basis points from where they were…

Daily Rate Briefing: RATES CONTINUE RALLY The bond market had some downtime with an early 2 PM close on Friday followed by the market being closed all day Monday. This morning we opened back up after a very interesting week in both the global events and financial markets. We are…

Daily Rate Briefing: THE REAL NUMBERS Ok, we had another rough day in mortgage bonds yesterday, finishing down 35 BPS after being down as much as 50 BPS earlier in the day. We all know the reasons. Iran, deficits, oil, inflation fears and continued uncertainty tied to the ongoing Iran…

Daily Rate Briefing: RATES HIT HARD This week I will be sending out my Morning Update today and Wednesday instead of the usual Tuesday and Thursday due to travel. I wanted to get this out today because of all the volatility we have seen over the past week. Last week…

Daily Rate Briefing: RATES HAVE RALLIED So what happened since Tuesday’s Morning Update? Well, good things happened. Between Tuesday and Wednesday we improved by 50 BPS in the conventional market. Can I get an amen? As of this morning, we are up another 9 BPS, taking us to $590 better…

Daily Rate Briefing: OIL ROCKED RATES If you happen to be in Memphis TN at the Great River MBA Conference this week, come introduce yourself at my AD Mortgage booth. I would love to meet you. Yesterday was one of those days where the market reminded us how quickly things…

Daily Rate Briefing: CALM AFTER STORM Yesterday the mortgage market took a hit, but this morning we are seeing a little green on the screen. This is what I call the calm after the storm. We lost 37 basis points yesterday. That translates to about $370 worse pricing per $100K…

Daily Rate Briefing: RATES HOLDING GROUND Most loan officers can’t clearly explain where a mortgage payment actually goes, but after 18 minutes today, you will. I am breaking down escrow, where interest flows, how Fannie Mae, Freddie Mac, and Ginnie Mae get paid, and how Wall Street slices one payment…

Daily Rate Briefing: POSITIVE RATE TREND Let’s start with a win because it has been a stretch. After four straight weeks of heavy declines in mortgage applications that have not exactly been filling your pipeline, we finally saw an increase this past week. That matters more than it may seem…

Daily Rate Briefing: WHERE ARE RATES? This morning at 10:45 CST. 18 Minute Ride With Jack Mortgage Tours is on bank statement loans where we go beyond the math and into what really matters. Learn how to spot the red flags, read the income story, and ask the questions that…

Daily Rate Briefing: BIG DATA AHEAD Well, we had quite the day yesterday in the markets. There is a lot we know and a lot we simply do not, and right now we are moving all over the place. The honest expectation is more of the same for a bit.…