| The KUIK Morning Market Report for Friday, July 11: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (38) | points | 16,877 | 6:55 AM | ||
| S&P500 | Down | -0.2% | percent | 1,961 | (3.25) | ||
| Nasdaq Composite | Up | 0.0% | percent | 4,397 | 1.10 | ||
| 30 Year Treasury | Down | (2) | Basis Points | 3.35 | Annual Yield | ||
| The average rate for a 30-year fixed-rate mortgage rose to 4.15% in the week ended July 10 up from 4.12% last week, according to Freddie Mac. A year ago, the 30-year rate was at 4.51%. The average rate for the 15-year fixed-rate mortgage rose to 3.24% up from 3.22% last week. | |||||||
| Shares of MGIC Investment fell 14% in activve premarket trading after the mortgage-insurer said late yesterday the Federal Housing Finance Agency’s newly-proposed standards for the industry would mean its available assets would be “materially less” than the minimum requirements. MGIC said the FHFA’s proposal, which would require insurers backing mortgages owned or guaranted by Fannie Mae and Freddie Mac to hold liquid assets of at least 5.6% of their risk exposure, is “far in excess” of what’s needed to reduce industry risk. Among MGIC’s peers, Radian Group shares dropped 5.9% in premarket trade. Radian said late Thursday that the FHFA’s proposed capital requirements are “more onerous” than its experience with defaults would suggest. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/30-year-mortgage-rate-rises-to-415-2014-07-10-9915959 | |||||||
| http://www.marketwatch.com/story/mgic-radian-shares-drop-in-premarket-following-fhfa-proposal-2014-07-11 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||