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In the old days, hurricanes were named after women. Why? Because when they arrive, they’re exciting and wild, but when they go, they take your house and car. We now have Hurricane Bill in the Atlantic, which reminds the markets that it is the time of year when every major storm that comes and goes tends to move the price of oil. Fortunately for anyone who drives a car, however, the price of oil is sinking, given continued slow economic news around the world.

Aside from that, there is no economic news today, aside from whatever the equities markets might be up to. Yesterday rates worsened slightly in spite of the Fed buying their usual allotment of securities – this time mostly 5% and 5.5% securities (5.25%-6.125% mortgage rates). In spite of little news, the bond market is on a tear this morning! The price on the 10-yr is better by almost a point, and the yield is down to 3.41%; 30-yr mortgage prices are better by between .250-.375

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The Mortgage Bankers Association’s application came out, as it does every Wednesday, showing apps were up last week almost 6%. Refinancing was up almost 7%, and purchases were up almost 4%. But by most accounts things are pretty slow out there, which some attribute to rates staying where they’ve been for a while, and others attributing to folks being away on summer vacations. Per the survey, refinancing accounts for a little over 53% of applications. See where Mortgage Rates are today!

The stockholders of Pulte Homes and Centex Homes approved their merger, which completes the $1.3 billion purchase of Centex by Pulte. The expected savings amount to about $350 million per year.

ING, still a presence in the wholesale arena, has seen its stock take a dip after the company’s second-quarter profit had been almost wiped out by falling property prices and rising bad-debt charges. Last week ING said its profits dropped 96%. Ouch. ING said the value of its real estate holdings fell, it had write-downs on a portfolio of residential mortgage-backed securities in the U.S., and the banking business took provisions to cover customers who may be unable to repay their loans.
GMAC Bank (GMACB) Correspondent clients were reminded that “the revised eligibility requirements for FHA Roster Appraisers that becomes effective for case numbers assigned on or after October 1, 2009. All appraisers chosen or approved to conduct appraisals of properties that will be security for FHA-insured mortgages must be “certified” by the State in which the property to be appraised is located; or by a nationally recognized professional appraisal organization, and have demonstrated verifiable education in the appraisal requirements established by FHA. Are there enough of these appraisers to go around? Perhaps not, so GMAC tells clients that the requirement has been phased in. But no Later than October 1, 2009, all FHA Appraiser Roster appraisers in all states must be state certified in order to be eligible to conduct appraisals for FHA-insured Mortgages and remain on the FHA Appraiser Roster.

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