Morning Report: Conforming loan limits increased

Vital Statistics:


  Last Change
S&P futures 3631 2.6
Oil (WTI) 45.53 0.31
10 year government bond yield   0.88%
30 year fixed rate mortgage   2.80%

Stocks are flattish this morning after a slew of economic data. Bonds and MBS are flat.


Third quarter GDP rose 33.1% and personal consumption expenditures rose 40.6%. This was the second revision and the numbers came in more or less in line with street expectations.


Initial Jobless Claims rose to 778k last week, which was a touch worse than expectations. Meanwhile durable goods orders rose 1.3%, which was better than expected.


Mortgage Applications rose by 4% as purchases rose 4% and refis increased 5%. “Thirty-year fixed mortgage rates dropped seven basis points to 2.92 percent, another record low in MBA’s survey,” said Joel Kan, MBA Associate Vice President of Industry and Economic Forecasting. “Weekly mortgage rate volatility has emerged again, as markets respond to fiscal policy uncertainty and a resurgence in COVID-19 cases around the country. The decline in rates ignited borrower interest, with applications for both home purchases and refinancing increasing on a weekly and annual basis.”


The FHFA increased the one-unit conforming loan limit to $548,250, an increase of 7.42%. All other limits were adjusted upward accordingly.


34 Responses

  1. Flynn pardon wasted, if like me you assume his case was headed for dismissal.

    A pardon assumes original guilt. If I were Flynn I would have preferred the dismissal.


  2. Happy Thanksgiving everyone

    Liked by 1 person

  3. Things Joe Biden is thankful for this Thanksgiving…strange and unprecedented electoral events:

    Even more unbelievably, Biden is on his way to winning the White House after having lost almost every historic bellwether county across the country. The Wall Street Journal and The Epoch Times independently analyzed the results of 19 counties around the United States that have nearly perfect presidential voting records over the last 40 years. President Trump won every single bellwether county, except Clallam County in Washington.

    Whereas the former VP picked up Clallam by about three points, President Trump’s margin of victory in the other 18 counties averaged over 16 points. In a larger list of 58 bellwether counties that have correctly picked the president since 2000, Trump won 51 of them by an average of 15 points, while the other seven went to Biden by around four points. Bellwether counties overwhelmingly chose President Trump, but Biden found a path to victory anyway.

    Liked by 1 person

    • I’m willing to believe things change and this was a weird election and that Trump lost legitimately ….

      But the idea this was the most secure election ever (from the people who’ve been telling us Russia stole the 2016 election with Facebook ads and Wikileaks) seems nuts to me, and strikes me that “me doth thinks they protest too much”.

      I agree that this sort of stuff is very odd. But it also occurs to me if there was not so much questionable around the election and if there were ways to easily audit and verify identity and recount it wouldn’t matter how unusual this stuff is. If it was clear the election process was secure and accurate—it would be “wow this is new! Shifting demographics” not “boy that looks bogus!”

      But pundits and journalists assuring us that this is the most secure election ever and Giant sudden spikes of votes that go 100% in the direction of one candidate is perfectly normal and that stopping the counting “until tomorrow” and then resuming counting once observers go home is “normal and legitimate” … that actually had the opposite effect of making the electoral mechanisms seem safe and secure.


  4. The left is REEEEEEEing the SCOTUS decision on Cuomos ban on religious gatherings


    • Kev, I have tried to track down some of the more compelling reports – especially the one about 53 consecutive counts in GA at the same %s.

      It has been difficult. You should try it to satisfy yourself.

      Most compelling for me is that no Trump lawyer has produced evidence in court to support the allegations. If these were facts they could have been established by witnesses. So I think they are not facts.

      But that the electoral system needs the Baker-Carter treatment remains true.


      • I’d be the first to admit the reports are a challenge to track down and are swaddled in hyperbole.

        Nor am I arguing any of it is new. If you go searching for voting irregularities, there’s stuff to be found all throughout the 2000s and before.

        I wouldn’t be able to find the specific time and location, but The People’s Pundit has gone through publicly available information to establish that dead people were voting (again, not remotely arguing this is unique to this election).

        Nor am I necessarily arguing that the information available is going to result in a specific, pro-Trump ruling based on available evidence.

        especially the one about 53 consecutive counts in GA at the same %s.

        Should be looked into. But I don’t know that it’s a factual statement, any more than I know that 781% of eligible voters apparently voted in one Michigan county. But I think it should be looked into.

        I think there are compelling reasons to make it easier and quicker to recount and audit elections.

        But it is also problematic that most of what is publicly available are accusations and not evidence.

        Past all that, it seems ridiculous to me that the press is insisting on a narrative of “the most secure election ever” when you had many states implementing completely novel protocols for sending out and certifying mail-in ballots that they had never done before, and (so I understand) many jurisdictions lowered the burden for establishing legitimacy.

        While I doubt there was huge fraud that allowed Biden to steal the election, I think the circumstances point to why some reform and greater transparency (and perhaps consensual standardization–with, again, complete transparency and bi-partisan auditing) makes sense.

        In no case can I understand why there would be a system where you would be bringing votes in a thumb drive and then loading them up like that. That’s a system begging for trouble, IMO. If ballots are being submitted or votes recorded uniquely on a digital medium, everything should be centralized.

        And so on.


  5. Why am i not shocked Brennan would side with the Iranians?


  6. This is pretty good:

    Liked by 1 person

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