Monthly Archives: February 2007

North Korea agreed to shutter its main source of plutonium today in exchange for energy and food considerations after months of negotiations with the United States and other countries. The agreement did not specifically address the disarmament of existing nuclear … Continue reading →

Despite the dearth of economic news last week, mortgage rates staged somewhat of a rally. By the time the week ended. mortgage rates had retreated by half of the prior week’s major run-up. The week was not without fireworks, however. … Continue reading →

As the week closes today, three Federal Reserve Presidents are set to deliver speeches. The most well-known of the speakers is Dallas Fed President Richard Fisher. Fisher is known for speaking candidly and has produced a plethora of sound bites … Continue reading →

The Bank of England and the European Central Bank left their benchmark lending rates unchanged today. Both alluded, however, to the need for future rate increases and these policies can have a direct impact on domestic mortgage rates. When strong … Continue reading →

Last week, the Federal Open Market Committee held the Fed Funds Rate at its current level and indicated that the economy is expanding at an acceptable pace. This morning, however, a Federal Reserve Bank President delivered a public speech to … Continue reading →

Home equity is created in one of two ways (assuming increasing home value and a non-negatively amortizing first mortgage). In the first method of creating equity, the homeowner pays down the principal balance on the mortgage. This increases the difference … Continue reading →

Last week was not for the weak-hearted as mortgage rates bounced around like a fumbled Super Bowl football. In a widely-expected move, the Federal Reserve held the Fed Funds Rate at 5.25% for the fifth consecutive meeting, stating that growth … Continue reading →

This morning’s Non-Farm Payrolls report showed that 111,000 new jobs were created in January, short of Wall Street’s 155,000 expectations. The weaker-than-expected figure did not give mortgage markets a reason to rally, however, because December’s figures were revised higher by … Continue reading →

The FOMC left the Fed Funds Rate at 5.250% yesterday, signaling controlled growth in the months ahead. Most notable was the press release’s inclusion of "tentative signs of stabilization" with respect to the housing market and the removal of references … Continue reading →