Mortgage Update June 17 2015

“Mortgage Bonds are drifting lower this morning as global yields are on the rise once again. There were no economic reports released today, but the Treasury will be selling a considerable amount of 3-year Notes, which could impact trading later this afternoon. I am recommending carefully floating, but be mindful that the Bond markets look weak and may get even weaker as the day progresses. If anything changes, I will get back to you.”

Mortgage Update June 16 2015

“After the recent steep decline, Mortgage Bonds are rebounding this morning as they try to search for a bottom and stabilize. In economic news, both May Retail Sales and Weekly Initial Jobless Claims came in near expectations. Over in the housing sector, cash sales now make up nearly 35% of total home sales, down from the 46.5% recorded in January 2011. With today’s modest rise, I am recommending carefully floating. However, sentiment can turn on a dime. If anything changes, I will get back to you.”