Mortgage Update May 3 2018

“Lower Stock prices along with easing inflation data from the Euro zone are boosting Bond prices this morning while yields press lower. The Mortgage Bankers Association reported on Wednesday that home loan rates ticked higher last week but Freddie Mac reported today that they moved slightly lower this week. I am recommending floating if you have some time to close, say three weeks out. For those on the fence with a short time span to close and can benefit from today’s rates, then by all means, lock. If anything changes, I will get back to you.”

Mortgage Update May 2 2018

“It’s Fed day! The Fed will release its monetary policy statement at 2:00 p.m. ET this afternoon where it is expected that the Fed Funds Rate will remain at current levels. The text with the statement will be closely dissected by the investing community. ADP Private Payrolls came in with a solid number and comes ahead of Friday’s more closely watched Non-Farm Payrolls Report from the government. I am recommending floating heading into the Fed statement. If anything changes, I will get back to you.”

Mortgage Update May 1 2018

“Mortgage Bond prices are near unchanged with traders sitting on their hands as the two-day Fed meeting kicks off today. The monetary policy statement will be released tomorrow at 2:00 p.m. ET and will come along with the Fed’s economic projections. I am recommending floating but be mindful of the big headline risk events in the Fed meeting and Jobs Report this week.”

Mortgage Update April 30 2018

“This is a major news week and one of the rare times we have both a Fed Meeting and Jobs Report. The 10-year yield remains below 3.00%, which is a near-term positive sign. We are starting the day and week floating and will try to hold that position to Wednesday’s Fed Meeting. Of course, if market conditions change beforehand, so will our position.”

Mortgage Update April 27 2018

Mortgage Bonds are slightly higher as prices bounce off multi-year lows seen this past Wednesday. In economic news, Gross Domestic Product in the first quarter of 2018 declined from the previous quarter but managed to beat expectations.
I am recommending floating, but be mindful that sentiment can quickly reverse. If anything changes, I will get back to you. Have a great weekend!

Mortgage Update April 26 2018

“Mortgage Bonds are rebounding this morning as investors may be looking to bargain hunt with prices at such low levels. Better-than-expected Durable Orders and lower Weekly Initial Jobless Claims had little impact on Bond prices.
Freddie Mac reports that home loan rates edged higher this week though they still remain historically attractive. I am recommending floating but be aware that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update April 25 2018

“Mortgage Bonds continue to edge lower as global yields rise. The U.S. 10-year yield has risen above the psychological resistance mark of 3% and it is pushing Stocks lower on the notion of higher borrowing costs for companies. The Mortgage Bankers Association reports that mortgage rates edged higher in the latest week to levels not seen since September 2013, though they remain historically attractive. There were no economic reports due for release today. I am recommending locking with the hope that Mortgage Bond prices can stabilize in the near future. If anything changes, I will get back to you.”

Mortgage Update April 24 2018

“Mortgage Bonds are modestly lower while Stocks opened higher, but have given up their gains. In housing news, home prices continue to rise while New Home Sales jumped more than expected in March from February. In addition, Consumer Confidence is near record highs this month. I am recommending floating but be aware that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update April 23 2018

“Mortgage Bond prices begin the week slightly lower as Stocks trade near unchanged. In economic news, March Existing Home Sales edged higher from February but low inventories and affordability issues remain in the marketplace.
I am starting the week with a floating recommendation. If anything changes, I will get back to you. Have a great week.”

Mortgage Update April 20 2018

“Mortgage Bonds are near unchanged and at five-year lows after the two-day slide. Stocks are modestly lower as investors look to take some profits after the recent rally. There are no economic reports due for release today.
I am recommending locking heading into the weekend. If anything changes I will get back to you. Have a great weekend!”