Mortgage Update March 31 2016

“Mortgage Bonds are near unchanged ahead of tomorrow’s March Employment Report. In economic news, Weekly Initial Jobless Claims rose more than expected, while the Chicago PMI beat expectations.
Due to the big headline risk associated with tomorrow’s Jobs Report, I am recommending locking in the short term, two to three weeks out.”

Mortgage Update March 29 2016

“Mortgage Bond prices are modestly higher being supported by lower energy and global Stock prices. The markets are looking ahead to Fed Chair Yellen’s speech at the Economic Club of New York beginning around 12:00 p.m. ET, which could offer some increased volatility. In economic news, home price gains remained steady in a report from the S&P/Case Shiller 20-city Home Price Index.
I will continue to recommend carefully floating, but remember sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update March 28 2016

“Mortgage Bonds begin the new trading week slightly higher, being weighed down by additional Bond supply this week and modestly higher Stock prices.
In economic news, inflation remained tame in February, while Pending Home Sales surged. I am recommending carefully floating, but in this environment, sentiment can quickly reverse. If anything changes, I will get back to you. Have a great week!”

Mortgage Update March 24 2016

“Recent hawkish chatter by Fed members has lifted the U.S. dollar, weighed on oil, commodity and Stocks prices, while giving Bonds a boost. In economic news, both Weekly Initial Jobless Claims and Durable Orders both came in near expectations. I will continue to recommend carefully floating. The Bond markets will be closing early today at 2:00 p.m. ET and all capital markets are closed tomorrow in observance of Good Friday.
Have a great long weekend!”

Mortgage Update March 23 2016

“Mortgage Bonds are near unchanged a day after the horrific attacks in Brussels. The only economic report set for release today is February New Home Sales at 10:00 a.m. ET. With Mortgage Bond prices resting above key technical levels, I am recommending carefully floating. If anything changes, I will quickly get back to you.”

Mortgage Update March 21 2016

“Mortgage Bonds are modestly lower after a week of nice gains. The week’s economic calendar is on the light side with Existing Home Sales being release at 10 a.m. this morning. New Home Sales, Initial Claims, Durable Orders and the final reading on Q4 2015 GDP will come later in the week.
I will continue to recommend floating, but very carefully. If anything changes, I will get back to you. Have a great week! Note: The Bond markets will close early at 2:00 p.m. ET on Thursday in observance of Good Friday and both Stocks and Bonds are closed on Friday.”

Mortgage Update March 18 2016

“Mortgage Bonds are modestly higher consolidating at present levels, while Stocks continue to march higher post-Fed statement. The only economic data this morning is the 10:00 a.m. release of March Consumer Sentiment. I will continue to recommend carefully floating as I watch the action unfold today. If there are any sudden changes, I will get back to you. Have a great weekend!”

Mortgage Update March 17 2016

“Mortgage Bonds are higher, though off their best levels, after a better than expected Philly Fed Manufacturing report was released. Higher Mortgage Bond prices comes after the Fed’s dovish monetary policy statement yesterday. The Fed now says there could be two interest rate hikes in 2016, down from the four originally projected. I will continue to recommend carefully floating as Mortgage Bond prices test a key overhead resistance level. If anything changes, I will get back to you. Happy St. Patrick’s Day!”

Mortgage Update March 16 2016

“Mortgage Bonds are modestly lower ahead of the 2:00 p.m. ET release of the Fed’s monetary policy statement. In economic news, core inflation is heating up, while February Housing Starts were higher than expected. Ahead of the Fed statement, I am recommending carefully floating. If anything changes, I will bet back to you.”

Mortgage Update March 15 2016

“Mediocre economic data coupled with low wholesale inflation is lifting the Bond markets today, while Stocks edge lower. The two-day Fed meeting kicks off today, but there will be no headlines until tomorrow at 2:00 p.m. ET when the monetary policy statement is released. I will continue to recommend carefully floating. If anything changes, I will get back to you.”