Mortgage Update February 12 2016

“After yesterday’s reversal lower, Mortgage Bonds are slipping this morning as Stock prices rebound. In economic news, January Retail Sales were positive, while Consumer Sentiment slipped a bit in early February. I will continue to recommend locking as Mortgage Bonds could be reversing lower. If anything changes, I will get back to you.”

Mortgage Update February 11 2016

“Mortgage Bonds are modestly higher, being supported by plunging Stock prices as global equity markets melt down due to economic growth concerns.
In economic news, Weekly Initial Jobless Claims were lower, but had little impact on the markets. With just modest gains in the Mortgage Bond markets in the face of sliding Stock prices, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update February 10 2016

“Mortgage Bonds are near unchanged, being weighed down by rising Stock prices. Fed Chair Janet Yellen said in her prepared testimony to Congress that future Fed Funds Rate path depends on incoming economic data. With Mortgage Bond prices still near the upper end of the trading range along with downward pressure today, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update February 9 2016

“Mortgage Bonds are near unchanged and off their best levels as Stock prices have cut their opening losses. There are no economic reports due for release today and the week’s calendar is on the light side. The Treasury will be selling a large amount of 3-year Treasury Notes later today and the results could impact trading. With Mortgage Bond prices still near lofty levels seen from last April, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update February 8 2016

“U.S. Stocks are continuing to move lower today after last week’s big losses. Global growth concerns coupled with declining oil prices are a few of the reasons behind the sell-off. Mortgage Bonds are getting a modest boost, but continue to churn near the highs seen from last April. With Mortgage Bond prices seemingly stalling at their current levels and with mortgage rates just above record lows, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update February 4 2016

“The choppy trading pattern continues today for Mortgage Bonds as they trade near unchanged after Monday’s decline, Tuesday’s rise and yesterday’s fall from session highs. In economic news, Weekly Initial Jobless Claims rose more than expected, while Q4 2015 Productivity declined.
Due to the big headline risk associated with tomorrow’s Jobs Report for January, I will continue to recommend locking.”

Mortgage Update February 3 2016

“Mortgage Bonds are higher this morning, having reversed from earlier lows due to lower Stock prices and a weak reading from January ISM Services.
ADP Private Employment came in better than expected, but the data had little impact on trading. With Mortgage Bond prices near the top of the trading range and mortgage rates just above all-time lows, I will continue to recommend locking.”

Mortgage Update February 2 2016

“Mortgage Bonds are higher as risk appetite has faded today, thanks to falling oil prices and global growth concerns. On the housing front, CoreLogic reported that home prices rose 6.3% from December 2014 through December 2015, citing strong demand and tight supplies for the gains. With Mortgage Bond process near the upper end of their trading range, I will continue to recommend locking.”

Mortgage Update February 1 2016

“Mortgage Bonds are modestly lower to begin the new month, with Stock prices also experiencing losses. In economic news, inflation remained tame, while Personal Spending was unchanged in December. With Mortgage Bond prices drifting lower, despite the decline in Stock prices, I will continue to recommend locking. If anything changes, I will get back to you. Have a great week!”

Mortgage Update January 29 2016

“The Bank of Japan moved to negative interest rates overnight, which sparked a rally in global Stocks markets and pushed Bond yields lower. In economic news, Gross Domestic Product in the 4th quarter of 2015 was tepid, while Consumer Sentiment and the Chicago PMI were better than expected.
With prices near lofty levels and have historically declined precipitously, locking is recommended. Have a great weekend!”