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From The Desk Of Laura Wheeler

December 8th, 2010 11:42 AM

Headline News and Market Report

“Bond Market News and Perspective for Mortgage Professionals”

Wednesday, 12/08/10

Click on link for more information

The MBA Weekly Mortgage Applications Survey Market Composite Index decreased 0.9%, The Refinance Index decreased 1.4%, and the Purchase Index increased 1.8%. The refinance share increased to 75.2% and the ARM share decreased to 5.6%. The average 30-year rate increased to 4.66% from 4.56%, and the average 15-year rate increased to 3.98% from 3.91%.

Treasury 10-Year Yield Rises the Most Over Two Days Since September 2008. Treasuries dropped, pushing yields on 10-year notes up the most over two days since September 2008, as optimism the global economic recovery is gathering pace sapped demand for safety before a $21 billion auction of the debt.

Dollar Rises for a Third Day on Prospects U.S. Tax Cuts Will Spur Growth. The tax rates that have been in place since 2001 and 2003, were set to increase on Dec. 31. Obama said he would accept lower tax rates on income, dividends, capital gains and multimillion dollar estates for the next two years in exchange for extending federal unemployment insurance.

Stocks, Commodities, Treasuries Fall on Chinese Rates; Dollar Gains. U.S. stocks retreated, led by commodity producers, while a stronger dollar weighed on prices of oil and raw materials as concern China will raise interest rates overshadowed optimism about the potential extension of American tax cuts. Treasuries slid, sending the 10-year yield to the highest since June.

MBA Letter Critical of Proposed FHA Indemnification Requirements: “MBA is particularly concerned with the ability of FHA to require indemnification on loans regardless of whether the violation caused the default,”

Economic Indicator News Release Calendar for the weeks ahead

This Week's Calendar

Date	ET	Release	For	Actual	Consensus	Prior	Revised From
Dec 07	15:00	Consumer Credit	Oct		-$3.3B	$2.1B
Dec 08	07:00	MBA Mortgage Applications	12/03		NA	NA
Dec 08	10:30	Crude Inventories	12/04		NA	NA
Dec 09	08:30	Initial Claims	12/04		NA	NA
Dec 09	08:30	Continuing Claims	11/27		NA	NA
Dec 09	10:00	Wholesale Inventories	Oct		0.8%	1.5%
Dec 10	08:30	Trade Balance	Oct		-$44.0B	-$44.0B
Dec 10	08:30	Export Prices ex-ag.	Nov		NA	0.7%
Dec 10	08:30	Import Prices ex-oil	Nov		NA	0.3%
Dec 10	09:55	Mich Sentiment	Dec		72.2	71.6
Dec 10	14:00	Treasury Budget	Nov		-$128.0B	-$120.3B

Week of December 13 - December 17

Date	ET	Release	For	Actual	Consensus	Prior	Revised From
Dec 14	08:30	PPI	Nov		NA	0.4%
Dec 14	08:30	Core PPI	Nov		NA	-0.6%
Dec 14	08:30	Retail Sales	Nov		NA	1.2%
Dec 14	08:30	Retail Sales ex-auto	Nov		NA	0.4%
Dec 14	10:00	Business Inventories	Oct		NA	0.9%
Dec 14	15:15	FOMC Rate Decision	Dec 14		NA	0.25%
Dec 15	07:00	MBA Mortgage Applications	12/10		NA	NA
Dec 15	08:30	CPI	Nov		NA	0.2%
Dec 15	08:30	Core CPI	Nov		NA	0.0%
Dec 15	08:30	Empire Manufacturing Survey	Dec		NA	-11.14
Dec 15	09:00	Net Long-Term TIC Flows	Sep		NA	$81.0B
Dec 15	09:15	Industrial Production	Nov		NA	0.0%
Dec 15	09:15	Capacity Utilization	Nov		NA	74.8%
Dec 15	10:30	Crude Inventories	12/11		NA	NA
Dec 16	08:30	Initial Claims	12/11		NA	NA
Dec 16	08:30	Continuing Claims	12/05		NA	NA
Dec 16	08:30	Housing Starts	Nov		NA	519K
Dec 16	08:30	Building Permits	Nov		NA	550K
Dec 16	08:30	Current Account Balance	Q3		NA	-$123.3B
Dec 16	10:00	Philadelphia Fed	Dec		NA	22.5
Dec 17	10:00	Leading Indicators	Nov		NA	0.5%

Week of December 20 - December 24

Date	ET	Release	For	Actual	Consensus	Prior	Revised From
Dec 22	07:00	MBA Mortgage Applications	12/17		NA	NA
Dec 22	08:30	GDP - Third Estimate	Q3		NA	2.5%
Dec 22	08:30	GDP Deflator - Third Estimate	Q3		NA	2.3%
Dec 22	10:00	Existing Home Sales	Nov		NA	4.43M
Dec 22	10:00	FHFA Home Price Index	Oct		NA	-0.7%
Dec 22	10:30	Crude Inventories	12/18		NA	NA
Dec 23	08:30	Personal Income	Nov		NA	0.5%
Dec 23	08:30	Personal Spending	Nov		NA	0.4%
Dec 23	08:30	PCE Prices - Core	Nov		NA	0.0%
Dec 23	08:30	Durable Orders	Nov		NA	-3.3%
Dec 23	08:30	Durable Goods Orders - ex Transporation	Nov		NA	-2.7%
Dec 23	08:30	Initial Claims	12/18		NA	NA
Dec 23	08:30	Continuing Claims	12/11		NA	NA
Dec 23	10:00	New Home Sales	Nov		NA	283K

Week of December 27 - December 31

Date	ET	Release	For	Actual	Consensus	Prior	Revised From
Dec 28	09:00	Case-Shiller 20-city Index	Oct		NA	NA
Dec 28	10:00	Consumer Confidence	Dec		NA	NA
Dec 29	07:00	MBA Mortgage Applications	12/24		NA	NA
Dec 29	10:30	Crude Inventories	12/25		NA	NA
Dec 30	08:30	Continuing Claims	12/25		NA	NA
Dec 30	08:30	Initial Claims	12/25		NA	NA
Dec 30	09:45	Chicago PMI	Dec		NA	NA

Posted by Laura Hatcher on December 8th, 2010 11:42 AMPost a Comment (0)

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