| The KUIK Market Update for Thursday, May 21: | |||||||
| Markets are flat. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Up | 5 | points | 18,289 | 8:10 AM | ||
| S&P500 | Up | 0.3% | percent | 2,131 | 5.25 | ||
| Nasdaq Composite | Up | 0.4% | percent | 5,094 | 22.50 | ||
| 30 Year Treasury | Down | (3) | Basis Points | 3.02 | Annual Yield | ||
| The Labor Department reports the number of new applications for unemployment benefits in the week ending May 16rose by 10,000 to a seasonally adjusted 274,000, hitting the highest level in a month, but still near a 15-year low. Continuing claims fell by 12,000 to 2.2 million, the fewest number since November 2000. | |||||||
| Freddie Mac reports 30-year fixed rate mortgage averaged 3.84 percent for the week ending May 21, down from 3.85% last week. A year ago it averaged 4.14%. The15-year fixed averaged 3.05%, down from 3.07%. A year ago it averaged 3.25%. | |||||||
| Looking to cut risk for the U.S. mortgage market, new rules from Fannie Mae and Freddie Mac are aimed at non-bank servicers who collect borrowers’ mortgage payments and wil create minimums for net worth, working capital, and liquidity. Lenders sell servicing rights to non-banks, which say they can do a better job of collecting mortgage payments, including those that are delinquent, while making a profit. But some non-bank servicers are having a tough time. Ocwen Financial recently agreed to sell a $9.8 billion portfolio of mortgage servicing rights to Nationstar. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/jobless-claims-climb-to-4-week-high-of-274000-2015-05-21 | |||||||
| http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-little-changed-otcqb-fmcc-1196444 | |||||||
| http://www.marketwatch.com/story/mortgage-servicers-get-new-rules-on-capital-liquidity-2015-05-20 | |||||||
| For today’s Market Update Report click to listen-> | |||||||