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Middle Tennessee Mortgage
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Gary Davis your mortgage and refinance specialist in Dickson, TN.
Address210 Skyline Cir Ste A Dickson, TN 37055-6560
Phone(615) 446-6755
Websitewww.middletennesseemortgage.com
Mortgage Rates: Two Steps Forward, One Back - 9 hours ago
Posted To: Mortgage Rate WatchAt about 11am yesterday, prices of the Mortgage-Backed-Securities most closely tied to rate sheets had bottomed out and began to climb, reaching highs of the day near closing time. That momentum carried through this morning and by noon today, prices were high enough to net loan pricing improvements versus yesterday's and this morning's rate sheets. But with the Fed's buying of longer duration bonds completed in the morning hours, the afternoon was left to test the resolve of the recent rally. MBS fell to close near their lows of the day, but retained a token half tick (one half of one 32nd of a point) gain on the day. Rather than chalk this choppy movement up to some event or news headline, today's price action is largely a function of technical price movements, where decisions are made based...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Bonds Approach Worst Levels Of The Day - 10 hours ago
Posted To: MBS CommentarySome parts of the bond market are indeed merely APPROACHING their worst levels of the day, while others are already there. Stocks are fairly flat, and there is no headline shocker driving bond prices down. Volume overall is healthy today, but nowhere near the first two days of the week. Rather than what you will probably hear or read in other financial news, the moves this afternoon appear largely technical in nature and to be a factor of tradeflows and timing. The fed was in big early this morning, buying in the 10yr range, keeping yields low. Once they were down, the market was free to drift higher, toward a logical test of something very close to 2.9. 10yr futures are similarly at their worst levels of the day. But note the volume... As we like to point out, noticeable breaks out of ranges...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Walkthrough of Loan Paper Transfer Process; Fed Explains Credit Scores; Fannie CFO Calls It Quits; Ginnie Mae Guarantee Stats - 12 hours ago
Posted To: Pipeline PressI love notes from brokers that start off, "Last month we did a loan for a professional cage fighter who was going through a divorce in Georgia but wanted to buy a 12th story condo in Las Vegas..." I guess that all those refinancing cage fighters did their loans before last week: the number of U.S. mortgage applications dropped last week by the most this year. The MBA reported what lock desks everywhere already knew, which was that apps were down 14%. Refinances were down 17%, and purchases were down 5%. (Refinancing accounted for about 80% of applications.) Of course we had a holiday and higher rates last week, but any lender focused solely on refi's might be a tad nervous. With all this talk about who can legally foreclose, where are the documents, MERS, custodians, servicers, and so forth...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

MBS and TSYs Look to Retest Recent Rally - 12 hours ago
Posted To: MBS CommentaryThe positive momentum discussed this morning continued into the noon hour as 10 yr notes ventured as low as 2.8. Meanwhile, MBS flirted with the 102-00 level in 4.0's. But over the last hour we're seeing signs that the rally will have to prove that it's ready to stick around. First, recall the 10yr chart and discussion from this morning where we broke the last 2 days of 10yr note movement down into two different descending ranges: With that chart in mind in conjunction with my assertion of a "possible test of today's rally," the most likely candidate for a test would be whether or not yields will stay in the lower of those two moving ranges. In the following chart, we can see that playing out. I also added some horizontal lines that either have or might act as early indicators that tests of...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Housing Starts Down Sharply, Permits Flat in October Census Data - 13 hours ago
Posted To: MND NewsWireThe U.S. Census Bureau and Department of Housing and Urban Development released statistics Wednesday on New Residential Construction for October 2010, covering building permits, housing starts, and housing completions. On a seasonally adjusted annual basis, 550,000 privately-owned housing units were authorized by permit during October. This is a mere 0.5 percent increased from the September annual figure of 547,000 but is 4.5 percent lower than in October 2009. Single-family homes represented 406,000 of the permits, an increase of 1.0 percent from September while 23,000 permits were issued for units within buildings containing two to four units and 121,000 permits for units within buildings containing five or more units. In October there were 79,500 outstanding permits for which construction...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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