Mortgage Update August 31 2016

“Mortgage Bonds are flat this morning after digesting near in-line labor market data.

ADP reported that private payroll growth came in near expectations, while manufacturing activity in the Chicago region slipped. Pending Home Sales in July edged higher.

I will continue to recommend carefully floating ahead of Friday’s Jobs Report for August. If anything changes, I will get back to you.”

Mortgage Update August 30 2016

“After yesterday’s rally, Mortgage Bonds are near unchanged as the markets prepare for the next hurdle, the August Jobs Report on Friday.

In economic news, the June Case-Shiller 20-city Home Price Index remained steady, while Consumer Confidence surged in August.

I will continue to recommend carefully floating, but be aware that volatility continues. If anything changes, I will get back to you.”

Mortgage Update August 29 2016

“After Friday’s slide due to hawkish comments by Fed Vice Chair Stanley Fischer on interest rate hikes, Mortgage Bonds are modestly higher to begin the week.

In economic news, Personal Income & Spending data came in as expected while the Core PCE showed tame inflation data.

With Mortgage Bond prices near the lower end of the short-term trading range, I am recommending carefully floating. If anything changes, I will get back to you.

Have a great week!”

Mortgage Update August 26 2016

“Mortgage Bonds are slightly higher ahead of Fed Chair Yellen’s speech at 10:00 a.m. ET from Jackson Hole, Wyoming.

In economic news, second quarter Gross Domestic Product was in line with estimates and had little impact on trading.

I will continue to recommend carefully floating ahead of Ms. Yellen’s speech, but be aware that sentiment could swing if her words upset the markets. If anything changes, I will get right back to you.

Have a great weekend!”

Mortgage Update August 25 2016

“The same trading pattern continues today with Mortgage Bonds near unchanged as the countdown begins for tomorrow’s highly anticipated speech by Fed Chair Yellen.

I don’t see Ms. Yellen making any big surprises to cause the markets to plunge or rally to new heights, but she could begin to lay the groundwork for future rate hikes.

I will continue to recommend carefully floating ahead of Ms. Yellen’s speech. If anything changes, I will get back to you.”

Mortgage Update August 24 2016

“Stocks and Bonds are near unchanged ahead of Fed Chair Yellen’s speech in Jackson Hole, Wyoming coming Friday at 10 a.m. ET.

Investors and traders around the globe will hang on every word from Ms. Yellen for any hints as to the timing of an interest hike or any hawkish rhetoric in her tone.

I will continue to recommend carefully floating ahead of Ms. Yellen’s speech. If anything changes, I will get back to you.”

Mortgage Update August 23 2016

“Mortgage Bonds continue to trade in a sideways pattern near resistance as traders position themselves ahead of Friday’s speech by Fed Chair Yellen at the Fed’s annual economic symposium in Jackson Hole, Wyoming.

In housing news, July New Home Sales soared from June reaching their highest level in nearly nine years.

I will continue to recommend carefully floating ahead of Ms. Yellen’s speech on Friday. If anything changes, I will get right back to you.”

Mortgage Update August 22 2016

“Mortgage Bonds begin the week modestly higher being supported by lower Stock prices.

There are no scheduled market moving events today. The rest of the week features data on CPI, housing, Consumer Sentiment and the second reading on Q2 GDP.

I will continue to recommend carefully floating. If anything changes, I will get back to you. Have a great week!”

Mortgage Update August 19 2016

“Mortgage Bonds are modestly lower in quiet summer trading conditions with no scheduled market moving events today.

Stocks are ending the week to the downside as interest rate hike timing comes back into focus.

With Stock prices headed lower this morning, I will continue to recommend carefully floating. If anything changes, I will get back to you.

Have a great weekend!”

Mortgage Update August 18 2016

“Mortgage Bonds are near unchanged this morning after yesterday’s Fed Minutes showed no clear signals as to when the next Fed Rate hike will come.

In economic news, Initial Jobless Claims remain at low levels seen in the early 1970s. The Philly Fed Index was better-than-expected, but its employment component saw its largest decline this year.

I will continue to recommend carefully floating, but be aware that volatility remains in the market. If anything changes, I will get back to you.”