Surprise New Home Sales Increase For September

October 27th, 2008

Today rates were flat on a mixed stock market, and stronger than expected economic news.   Rates could increase up to .25 to the price due to deterioration in bonds from late Friday afternoon.

The surprise today was September’s New Home Sales report which posted an increase of 2.7% when the street had expected another decline.     However this news was offset by a downward revision to August data.

The big upcoming news this week is the FOMC meeting which begins Tuesday and adjourns Wednesday PM.

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Mortgage Rates Volatile and Rising

October 16th, 2008

Mortgage rates should improve today by about .125 in rate due to the massive stock market sell-off experienced yesterday.  Most of those gains in the bond, however can be expected to be erased tomorrow as a result of the comeback this afternoon in stocks, and late afternoon related weakness in bonds.

The CPI came in today at levels weaker than expected, confirming that inflationary pressures are low, and that the economy remains weak.

Industrial production came in today at a 34 year low, underscoring, if needed, the weakness of the production sector of the economy.

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