Mortgage Update January 29 2016

“The Bank of Japan moved to negative interest rates overnight, which sparked a rally in global Stocks markets and pushed Bond yields lower. In economic news, Gross Domestic Product in the 4th quarter of 2015 was tepid, while Consumer Sentiment and the Chicago PMI were better than expected.
With prices near lofty levels and have historically declined precipitously, locking is recommended. Have a great weekend!”

Mortgage Update January 28 2016

“Mortgage Bonds are near unchanged and well off their highs from earlier this morning. Higher oil process coupled with solid earnings data are lifting Stocks prices, but they are also well off their opening highs. Mortgage Bond prices continue to hover near stiff resistance levels at the highs seen in October. Therefore, I am recommending locking. If anything changes, I will get back to you.”

Mortgage Update January 27 2016

“It’s Fed Day. Virtually every major asset class is lower this morning ahead of the Fed’s Monetary Policy Statement hitting the wires at 2:00 p.m. ET.
In housing news, December New Home Sales were reported better than expected and was the third best reading since 2008. With prices stalling at the upper end of the current trading range, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update January 26 2016

“Mortgage Bonds are drifting lower due to better than expected economic data from Case Shiller and Consumer Confidence. In addition, higher prices in both Stocks and oil are also pressuring Bond prices lower. With Mortgage Bond prices hovering near the top of the six-month trading range, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update January 25 2016

“Mortgage Bonds are modestly higher to begin the week, aided in part by lower Stock prices. There were no economic reports released today. In housing news, Black Knight Financial Services reported that home prices rose 5.5% year-over-year in the month ended in November. With Mortgage Bond prices being capped by stiff overhead resistance, I will continue to recommend locking. If anything changes, I will get back to you.
Have a great week!”

Mortgage Updates January 22 2016

“After hitting the highs seen last October and November, Mortgage Bonds are drifting lower this morning as global and U.S. Stocks are rallying. In economic news, December Existing Home Sales saw their largest monthly gain on record. However, the gains were due in part to closings being pushed into December because of TRID, or the “Know Before You Owe” rules. With Mortgage Bond prices drifting lower and Stocks in rally mode, I will continue to recommend locking. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update January 21 2016

“Mortgage Bonds are modestly higher after dovish monetary policy from the ECB Chief Draghi. In addition, Draghi said that inflation in the Eurozone is lower than expected. Also supporting Bond prices was a report that Weekly Initial Jobless Claims rose to a 7-month high. Mortgage Bonds are now trading near the highs seen in May and October, prior to a precipitous move lower. I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update January 20 2016

“The extreme seesaw trading in global Stock markets continues today as the major indices around the world plunge and oil prices hit 13-year lows.
U.S. Stock markets are considerably lower, which is pushing Mortgage Bond prices higher. With Mortgage Bond prices near the highs seen last May and with mortgage rates just above historical lows, I will continue to recommend locking.”

Mortgage Update January 19 2016

“Global Stocks are rallying after weak Gross Domestic Product out of China stokes new stimulus hopes from the world’s second largest economy. U.S. Stocks are also on the rise from the stimulus rumors along with positive earnings from Morgan Stanley and Bank of America. With Mortgage Bonds drifting lower, I will continue to recommend locking. If anything changes, I will get back to you. Have a great week!”

Mortgage Update January 15 2016

“Mortgage Bonds are getting a boost today as global Stock markets plunge on economic growth concerns. In economic news, Retail Sales were lower than expected, while New York State Manufacturing plunged. Wholesale inflation, as measured by the Producer Price Index, continues to run lower than the Fed’s target level. Despite the huge sell-off in Stocks this year and today, Mortgage Bond gains are limited. I will continue to recommend locking to take advantage of the low mortgage rates. The capital markets are closed on Monday in observance of Martin Luther King Day. Have a great long weekend!”