Mortgage Market Update January 20- 24, 2020

January 21, 2020

The annual meeting in Switzerland kicked off on Sunday. Paul Tudor Jones, the billionaire investor, made comments on how the current stock market reminds him of the 1999 bull market that ended with the dot com bubble.

Foreclosure filings are down 83% from a peak of nearly 1.9 million in 2010.

The current level of foreclosures is the lowest since tracking began in 2005.

January 22, 2020

Stocks are higher but Mortgage Bonds are also higher and trying to resume their uptrend.

Refinances were down 2% last week but are still up 116% year over year.

The FHFA (Federal Housing Finance Agency) released their house price index. This measures home price appreciation on single-family homes with conforming loan amounts.

Today’s report showed that home prices rose .2% in November and 4.9% every year. This was a slight drop from 5% but still very solid.

The existing home sales report for December increased by 3.6%.

Sales are up 10.8% year over year. This is very important because sales are at a 2-year high even though there were only 1.4 million units for sale, the lowest on record.

January 23, 2020

Added gains in bonds from the lower S & P.

Initial jobless claims up to 211K from 205K last week.

January 24, 2020

Stocks and mortgage bonds are both higher this week.

If stocks can cool off a bit and give back some gains, it will likely benefit the Bond market.