Mortgage Update April 29 2016

“Mortgage Bonds are near unchanged after a bag of mixed economic data hit the wires. The reports showed tame inflation, with weak readings from the Chicago PMI and Consumer Sentiment. With Stock prices lower today and the tame inflation, I will continue to recommend carefully floating. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update April 28 2016

“Mortgage Bonds are near unchanged a day after the Fed left interest rates unchanged, as expected. In economic news, first quarter 2016 Gross Domestic Product was anemic and was the lowest reading since the first quarter of 2014.
Due to lower Stock prices and with Mortgage Bonds showing signs of pushing higher, I am recommending carefully floating. If anything changes, I will get back to you.”

Mortgage Update April 27 2016

“Mortgage Bonds are pushing higher ahead of the Fed’s monetary policy statement due out at 2:00 p.m. ET. Stocks are edging lower after iPhone maker Apple reported earnings that missed across the board. Ahead of the Fed’s release, I am recommending carefully floating. However, sentiment can quickly reverse this afternoon. If anything changes, I will get back to you.”

Mortgage Update April 26 2016

“Mortgage Bonds are near unchanged as the Fed kicks off its two-day FOMC meeting on Capitol Hill today. The monetary policy statement will be released tomorrow afternoon. In housing news, the February Case Shiller 20-city Home Price Index showed solid gains, but the pace is easing off somewhat in certain parts of the country. After failing to break above key technical levels, I am recommending locking as prices have gradually pushed lower.”

Mortgage Update April 25 2016

“Mortgage Bonds kick off Monday near unchanged in what will be an action packed week. Along with a heated economic calendar, a slew of corporate earnings and additional Treasury securities being sold off, the Fed will release its monetary policy decision and statement on Wednesday at 2:00 p.m. ET. Ahead of the Fed statement, I am recommending carefully floating. However, Mortgage Bond prices are on fragile ground, as sentiment can quickly reverse lower.
If anything changes, I will get right back to you. Have a great week!”

Mortgage Update April 22 2016

“Mortgage Bonds are drifting lower once again this morning. However, prices could get a boost later this morning when the New York Fed will be purchasing a boatload of Mortgage Bonds.
With the recent decline in Mortgage Bond and with prices near the lower end of the trading range, I am recommending carefully floating. Have a great weekend!”

Mortgage Update April 21 2016

“After the recent steep decline, Mortgage Bonds are modestly lower, while the major Stock indexes are also lower. In economic news, Weekly Initial Jobless Claims fell to a 42-year low, while the Philadelphia Fed Index fell back into negative territory. With Mortgage Bond prices near the middle of the recent trading range, I am recommending carefully floating. However, being that prices have fallen below key technical support levels, there is a chance that they could move lower from here. If anything changes, I will quickly get back to you.”

Mortgage Update April 20 2016

“Mortgage Bonds are trapped in a sideways pattern beneath a ceiling of resistance at 52-week highs and support at a slew of Moving Averages. In housing news, March Existing Home sales rose 5.1% from February after yesterday’s weak reading from Housing Starts. With mortgage rates just above all-time lows, I am recommending locking in the short-term, two to three weeks out. For brand new files or if you can withstand the risk at current lofty levels for Mortgage Bonds, carefully floating is recommended.”

Mortgage Update April 19 2016

“Mortgage Bonds continue to hover near unchanged, just below the 52-week highs as they search for a new catalyst to push prices higher – next week’s Fed Meeting could be that catalyst. In housing news, March Housing Starts and Building Permits both came in lower than expected.
With mortgage rates just above all-time lows, I am recommending locking in the short-term, two to three weeks out. For brand new files, carefully floating is recommended.”

Mortgage Update April 18 2016

“Mortgage Bonds are flat to lower after Stock prices turned positive, despite failed oil production cuts over the weekend in the Mideast.
In housing news, the April NAHB Housing Market Index came in near expectations. There was little reaction to the number. I am recommending locking if you have a short time frame or if you simply don’t want to take the risk. For new files, carefully floating is recommended.”