Dan Hartman

Home starts down 5%; Corporate results disappoint - Daily Mortgage Rate Update for July 20th, 2010

We learned yesterday that builders of new homes and condominiums are not happy with the state of the makret for new home construction. Today, we saw exactly why, as new home consruction was reported to have declined further in June, 2010.

Corporate profits (or lack thereof) continue to dominate the direction of mortgage pricing, an today, two giants of the corporate world disappointed investors. Both Goldman Sachs and IBM failed to bring in enough revenue to meet market expectations, and as a result, stocks are down and pricing of fixed-income securities like mortgages and Treasuries is better today.

For the complete recap of today's economic news and commentary on upcoming FHA changes, Jumbo rates, and more, please see the complete Dan Hartman Daily Mortgage Rate Update.

For a recap of last week's market activity, check out my review on lenderama.com.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and serves as an Adjunct Professor of Finance and Economics at Roger Williams University and the University of New Haven. He has been helping homeowners and homebuyers with their mortgage questions for over 10 years.

Inflation stays low; bank profits up, but revenues down; Financial reform coming - Daily Mortgage Rate Update for July 16th, 2010

Please visit http://provincemai.com for the full text of today's update.

Mortgage rates are better today after reports have indicated that inflation is very low. The core Consumer Price Index, or CPI, came in at a scant rise of 0.2%, meaning that prices of goods consumers use are holding very stable in the US. Inflation is the archenemy of low interest rates, as investors want their investments to gain value faster than inflation takes it away. Meanwhile, consumer sentiment, according to the University of Michigan, dropped sharply this week, probably due to the less-than-encouraging employment situation.

Banks had higher net income this quarter, but did so on less revenue, principally due to the downturn in stock prices on Wall Street. Banks simply make more money on brokerage than they used to. Remember the good old days when banks made money by taking in deposits and using the money to make loans?

Financial reform is on its way to the President's desk, and will have significant impact on the mortgage industry. As it stands now, subject to interpretation, it may take away some of the options consumers have in chosing a mortgage rate. For example, today, a consumer can select 4.25%, 4.375%, 4.5%, 4.625%, 4.75%, etc. on a 30-year fixed mortgage, depending on the closing costs the consumer wants to pay, and the monthly payment target that needs to be hit. In the future, financial reform may reduce that same consumers options to 4.25% and 4.75%, depending on qualifications and where the mortgage is obtained. Obviously, we have a lot more to learn about this legislation.

For today's mortgage rate lock recommendations, please see my full article on http://provincemai.com.

If you have questions regarding Rhode Island Refinance Rates, or whether or not to lock your loan, please don’t hesitate to contact me by cell at (401) 263-8655, or by commenting on this post. Have a great weekend!

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July 15th, 2010 Update

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and serves as an Adjunct Professor of Finance and Economics at Roger Williams University and the University of New Haven. He has been helping homeowners and homebuyers with their mortgage questions for over 10 years.

Core inflation a mere 0.1%; Manufacturing growth slows in Philly, Empire Fed indexes; 30-year fixed rates hold at 4.57% - Daily Mortgage Rate Update for July 15th, 2010

In a week filled with important economic data, no day brings more of that data than today. Inflation, 3 different manufacturing surveys, and the Freddie Mac mortgage rate survey all report today. The information revealed suggests that the economic recovery may be sputtering.

All three manufacturing surveys showed a decrease in the growth rate for manufacturing, which had been one of the few bright spots for this economy lately. The services sector isn't growing nearly as quickly, and much of the recent increases in hiring have come from factories. One particularly intersting phenomenon that has occurred recently is that some companies have on-shored their manufacturing, bringing production back into the United States that had previously been sent abroad.

For all the details on today's market condition, please check out my complete Mortgage Rate Update for July 15th on the all new http://provincemai.com. If you have questions regarding Rhode Island Refinance Rates, or whether or not to lock your loan, please don’t hesitate to contact me by cell at (401) 263-8655, or by commenting on this post. Have a great day!

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July 14th, 2010 Update

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and serves as an Adjunct Professor of Finance and Economics at Roger Williams University and the University of New Haven. He has been helping homeowners and homebuyers with their mortgage questions for over 10 years.

Alcoa, CSX beat expectations; Trade deficit up; treasury auctions later - Daliy Rate Update for July 13th, 2010

When two companies that are a backbone to other corporate activity both report better-than-expected profits and revenues, you can bet that the rest of corporate America is probably doing pretty well, too. Well Alcoa, a manufacturer of aluminum, and CSX, a transporter of just about everything, both beat expectations, and this suggests that they may not be alone.

The trade deficit is worse than expected, and we'll find out exactly how traders feel about the situation at 1:00 this afternoon when the results of the 10-year treasury auction are announced. To see my full commentary for the day, please visit the economic updates section of the all new http://provincemai.com.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and serves as an Adjunct Professor of Finance and Economics at Roger Williams University and the University of New Haven. He has been helping homeowners and homebuyers with their mortgage questions for over 10 years.

Corporate earnings, inflation, Treasury borrowing, will dominate week; Mortgage rates the lowest they’ve ever been – Daily Mortgage Rate Update for July 12, 2010

There's plenty of news coming later this week, after a very quiet, Independance-day-shortened week. Between Treasury borrowing, corporate earnings, manufacturing, inflation, and consumer sentiment, there are a number of rate-sheet influential news releases coming. While there is little indication that the news will lead to lower or higher rates, current pricing levels are so favorable as to suggest that it may make sense to get loans locked in sooner rather than later.

For a full review of the week to come and the Rhode Island Refinance rate situation, please check out the all new Province Mortgage Associates site.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and serves as an Adjunct Professor of Finance and Economics at Roger Williams University and the University of New Haven. He has been helping homeowners and homebuyers with their mortgage questions for over 10 years.