When coronavirus or something else causes rates to drop, everyone asks: what if mortgage refi rates drop more after I lock my rate? Let's answer it now.
China
Today's Linkage on existing home sales, Greenland, and fintech funding
Is it really that simple? Can recessions start from investors worrying too much?
Today's reads on fintech's rapper's delight, Apple Card reviews, and what you want in a home
Apple loves a hype cycle. It announces a product 6 months before it comes out, doesn’t give a release date, and then whip us up into a frenzy by saying we can have in two weeks once we’ve all forgotten about it. That’s what it looks like is happening with the Apple credit card. The
Today's Linkage on cryptocurrency shoes, U.S. Bank going digital, and the company funding everything
Today's Linkage on mortgage giants adapting to the hustle lifestyle, mortgage economy stats, and a credit card perk to kill for
Today's Reads on government shutdown housing impact, women leading homebuying, Amazon's DC housing impact and more
Think U.S. lending, payments, and asset management industries won't get uprooted by fintech? It's time to wake up.
Hint: it's not China that's buying all our MBS. They've reduced exposure.
Today's links on Eurozone chaos, Chinese inflation, and Bernanke supporting small business.
After parts 1 and 2 on the rate impact of S&P’s downgrade, here are a few new comments before Asian markets open. We’ll continue to discuss rate impacts as this situation plays out. – The first is not an additional comment but a repeat of what I said yesterday: S&P is 100% correct that the
Rates were down .125% to end last week, regaining half of the .25% rise from the week before. As the last WeeklyBasis noted: “Jobs would have to be worse than already-low expectations” for rates to improve, and that’s exactly what happened, with only 18k non-farm payrolls created vs. 110k expectations. Safer assets like mortgage bonds
-How To Fix U.S. Job Market (Bill Gross, PIMCO) -Tea Party’s New Role Model: Mike Lee (Politico) -China Bears Are Dead Wrong: Jim Rogers (CNBC) -Banks Easing Terms On Loans Deemed As Risks (NYT) -How To Tell If Markets Freak Out About Debt Limit (WaPo) -John Mauldin’s Outlook on Second Half of 2010 (Minyanville) -Secrets
-BofA’s $8.5b Bad Loan Settlement (Bloomberg) -INFOGRAPHIC: Forex Market Basics (TradingHabits) -China’s Top Auditor Warns of Local Gov’t Defaults (Mish) -REAL TIME GREEK AUSTERITY VOTE TRACKER (ZeroHedge) -QE3 Advocate Krugman Sits Down With HousingWire (HousingWire) -A Word On Unemployment (MarginalRevolution via TheMoneyIllusion)
Retail sales dropped 0.2% in May, the first drop in 11 months, but economists were expecting a 0.4% to 0.5% drop so stocks are rallying on the news plus some favorable earnings today (S&P 500 +16 to 1288). Meanwhile rates are up as mortgage bonds sell sharply (FNMA 4% coupon -62 basis points) on inflation
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