Rates head higher after home sales data


If higher interest rates have yet to put a dent in home sales, then there's little reason they shouldn't head higher? Flat earlier, the 10-year Treasury yield is up 3 bps to 2.86% following as July existing home sales data showed little ill-effect from higher rates. Give it time, says the NAR's Larry Yun.

TLT -0.5%, TBT +0.9%.

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Comments (2)
  • Marco Mazzocco, CFA
    , contributor
    Comments (190) | Send Message
     
    New Ultra T bond future lows after the fed.
    21 Aug 2013, 02:06 PM Reply Like
  • WMARKW
    , contributor
    Comments (10766) | Send Message
     
    This just in:

     

    Wells Fargo to cut 2,300 mortgage jobs

     

    By Peter Rudegeair

     

    (Reuters) - Wells Fargo & Co (http://bit.ly/AFoBq4), the largest mortgage lender in the United States, will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise, according to an internal memo reviewed by Reuters.

     

    The cuts would represent around 3.3 percent of the bank's consumer lending employees, the bank said. Although the bank does not disclose how many of its staff work in home loans specifically, Wells Fargo had over 11,000 mortgage loan officers on its payroll at the end of March.

     

    Mortgage refinancing made up more than 70 percent of U.S. home lending volume in the first half of 2013, but it has fallen to around 50 percent of lending and could fall further in coming months, Franklin Codel, Wells Fargo's head of mortgage production, said in the memo.

     

    "We've had to recalibrate our business to meet customers' needs - and to ensure we're operating as efficiently and effectively as possible. Unfortunately, displacements within our team are necessary," Codel said.
    21 Aug 2013, 06:02 PM Reply Like
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