Mortgage Update October 30 2015

“Mortgage Bonds are trading modestly higher in an effort to erase some of the recent big losses. Economic data was heavy this morning, but had little impact on trading. Inflation remained tame, employment costs rose, while Personal Incomes & Spending declined. In addition, the Chicago PMI was better than expected while Consumer Sentiment rose in October from September. With Mortgage Bond prices losing a lot of ground this week and with prices trying to stabilize, I am recommending carefully floating. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update October 29 2015

“Mortgage Bonds are drifting lower this morning after yesterday’s plunge from the daily highs. Today’s downward move was spurred on by a report (Gross Domestic Product) that showed the economy slowed somewhat in the third quarter. However, the lower number was mainly attributed towards a substantial pullback in inventory growth, which was a normal reaction following two consecutive quarterly gains. With Mortgage Bond prices slipping below key technical support levels, I will continue to recommend locking until such time that I can see dome stabilization. If anything changes, I will get back to you.”

Mortgage Update October 28 2015

“Mortgage Bonds are trading near unchanged ahead of the 2:00 p.m. ET release of the Fed’s monetary policy statement. There are no economic reports due for release today. The Treasury will sell $35B 5-Year Notes with the results being released at 1:00 p.m. ET. Bond prices remain right near a stiff ceiling of resistance and have been unable to push above those levels. I will continue to recommend locking.”

Mortgage Update October 27 2015

“Mortgage Bonds begin the week near unchanged as they continue to trade in a sideways pattern near the April highs. The economic calendar is heavy this week, beginning today with September New Home Sales at 10:00 a.m. ET. With Mortgage Bond prices near the April highs with no signs of a push higher, I will continue to recommend locking. If anything changes, I will get back to you. Have a great week!”

Mortgage Update October 26 2015

“Mortgage Bonds begin the week near unchanged as they continue to trade in a sideways pattern near the April highs. The economic calendar is heavy this week, beginning today with September New Home Sales at 10:00 a.m. ET. With Mortgage Bond prices near the April highs with no signs of a push higher, I will continue to recommend locking. If anything changes, I will get back to you. Have a great week!”

Mortgage Update October 23 2015

“Bonds are under heavy selling pressure in response to China’s surprise announcement of a cut in two key interest rates. Virtually every central bank around the globe is easing monetary policy and that is giving Stocks a reason to rally, at the expense of Bonds. I will continue to recommend locking as investors bail out of the safe haven of the Bond markets and move to riskier assets. Have a great weekend!”

Mortgage Update October 22 2015

“Mortgage Bonds are modestly higher this morning, but are being weighed down by rallying Stock prices and positive economic news. The Federal Housing Finance Agency reported that home prices rose in August from July, while September Existing Home Sales were better than expected. In addition, Weekly Initial Jobless Claims remain near 42-year lows. With Mortgage Bond prices unable to produce any significant gains and at the highs seen in April, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update October 21 2015

“Mortgage Bond prices are near unchanged this morning after losing some ground in yesterday’s session. There are no economic reports today to influence trading, while geo-political headlines are also absent. Mortgage Bond prices continue to trade sideways and have been trapped in this pattern since the beginning of October, unable to break above current levels. I will continue to recommend locking until such time that I can see clear signs of a move higher.”

Mortgage Update October 20 2015

“Mortgage Bond prices are drifting lower this morning, despite lower Stock prices, being weighed down by better than expected housing data. Stocks are also lower after tech giant IBM disappointed investors with its latest earnings report. With Mortgage Bond prices unable to produce any gains, despite lower Stock prices, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update October 19 2015

“Mortgage Bonds continue in their sideways pattern trading near unchanged to begin the week, despite a decline in Stock prices. In housing news, the NAHB Housing Market Index hit a ten year high this month as builders feel good about their business. With Mortgage Bond prices unable to push higher and prices at lofty levels, I will continue to recommend locking. If anything changes, I will get back to you. Have a great week!”