Mortgage rates are slightly higher this morning following an afternoon sell-off in the bond market yesterday. The big news of the day today is that the Fed is scheduled to release their monetary policy statement at 2:15 EST. In today’s you tube video I have summarized the Fed’s role in our economy as well as […]
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Mortgage rates are unchanged this morning despite relatively hot inflation data. The Commerce Department released the monthly Personal Spending Report. Imbedded in this report is the Fed’s favorite gauge of inflation known as the Personal Consumption Expenditure Price Index. Because of the significance this report has on inflation expectations it is very important to mortgage […]
Mortgage rates are unchanged this morning. However, we are going to shift our outlook to a locking position. The Labor Department released their much anticipated monthly jobs report this morning. Their report showed that the US economy lost 51,000 jobs in the month of July. This marks the seventh consecutive month of job losses. For […]
Mortgage rates have improved modestly this morning after an economic report showed surprisingly week data. The Labor Department released their quarterly report on Gross Domestic Product (GDP) which showed that 2nd quarter GDP grew at a 1.9% pace, far less than economists had been expecting. Furthermore, the report revised the 4th quarter of ’07 lower […]
Treasury Secretary Henry “Hank” Paulson is at it again cooking up additional solutions aimed at shoring up confidence in the battered mortgage/ financial market. His latest recipe calls for an alternative secondary marketplace to supply funding for mortgages. From the looks of it his strategy is designed to instill confidence amongst investors in the mortgage market by […]
Rates remain unchanged this morning as mortgage-backed bonds continue to see-saw up and down. The big economic report this week comes on Friday when the Labor Department releases the monthly jobs report. For a detailed explanation as to why this report is important for mortgage rates please check this link. An initial indicator from the […]
Mortgage backed bonds are giving away the gains they made yesterday which is a sign of modestly higher rates in the near term. Bonds are reacting to a rally in the stock market. The Dow Jones Industrial Average is currently up over 100 points on better than expected consumer confidence numbers and lower oil prices. […]
Mortgage rates should improve slightly this morning. Helping mortgage rates this morning: Credit worries have crept there way back into the spotlight following the seizure of two more banks late Friday afternoon by Federal regulators. These two failures marks the 6th & 7th of the year according to the FDIC’s website. In 2007 the […]
Mortgage rates are essentially unchanged this morning. Yesterday morning we shifted out outlook to “floating” because of the reversal of mortgage-backed bond prices. Unfortunately we did not see any follow through this morning and therefore have shifted our outlook back to neutral. The reason bonds were unable to follow through on the rally yesterday […]