Phil Grossfield's Blog


Jackie Robinson or Babe Ruth?

Jackie Robinson or Babe Ruth?   My father-in-law and I got into a debate on who is the most valuable-famous baseball player in history.  I said Jackie Robinson.  He said Babe Ruth.  Despite his vast knowledge of the sport, I say he’s wrong.  Your thoughts?


My Market Update – 02/27/2015

Reprice Improvement Possible.  Bonds Up +27bps.

The 30-year Fannie Mae bond is up +27bps since yesterday’s close.  Generally a lender’s pricing improves when the bond is being bought.  If you were planning on locking today, I’d wait until the end of the day to see if a reprice improvement is issued.  But keep an eye on things…quick reversals are not out of the question lately.

I got this from Rob Chrisman’s column and thought it was interesting…if you don’t subscribe to his column I advise you do…:
Oil prices appear to be stabilizing and that’s good for U.S. mortgage markets. Recently Jody Shenn of Bloomberg writes, “Bank of America Corp., which had been warning investors to avoid U.S. government-backed mortgage securities, reversed its call this week. The reason: oil prices are stabilizing.” Yes, oil prices have been falling for over six months, culminating to a seven-year low. The selloff in oil is helping to shrink inflation expectations with people who follow such things (that would be everyone who isn’t living off-grid in Alaska, by the way). Ms. Shenn continues, “The 10-year Treasury yields dropped to 1.64 percent from 2.17 percent at the start of the year. Average rates on typical new 30-year mortgages dropped to 3.59 percent in the last week, the lowest since May 2013, according to Freddie Mac surveys. With rates lower, refinancing applications from borrowers soared 84 percent in the last three weeks of January compared with the seasonally adjusted average last year, according to Mortgage Bankers Association data.”

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