Both the bond and the stock market closed out the year 2009 down, with bonds down 20/32 and the Dow down 42 points. Mortgage rates will likely increase today by a quarter of a point. The year ended with Unemployment claims coming in far short of the expected level, suggesting some improvement in the job [...]
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. [...]
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 [...]
The US Federal Reserve and six other central banks cut their overnight lending rates by 50 basis points, over concern about weakening economic conditions. Bonds, following stock market skepticism over the move, were down despite the cut, pushing rates higher by about .25 the the price.
Today’s bond market improved as stocks took a 777 point loss today after the House defeated the proposed Economic “bailout” legislation. Rates should improve by about .25 to the points. Today’s August Personal Income and Outlays report showed that personal income rose, bad news for bonds, but completely overshadowed by the [...]
Mortgage rates will post a full 100 basis points higher this morning as a result of the FOMC’s decision not to cut rates, a move that surprised many. The financial markets had been hoping for a rate cut Tuesday since the Lehman/Bank of America/AIG crisis emerged over the weekend. Instead, the Fed held strong on [...]
Turmoil in the financial markets today has led to a further decline in mortgage rates. Today’s news that Lehman Brothers has declared bankruptcy, Merrill Lynch has been purchased by Bank of America and that AIG has asked for 40 million dollars in emergency funding from the government has caused the concern that the economy and [...]
On deck this week we have an FOMC meeting, and several economic reports of importance. However, due to the turbulence in the banking sector, with the fate of Lehman Brothers looking like bankruptcy, Merrill Lynch in takeover talks likely with Bank of America, and the dollar dropping in FOREX markets internationally Sunday, Monday and the [...]
The FOMC meeting concluded today with a statement that there would be no change to short term interest rates, citing mounting inflation concerns, despite a slowing economy. This was widely anticipated by the markets and as a result there will be no change today’s mortgage rates.
Mortgage rates will increase slightly today by about .125 to the points on mixed economic reports. The Labor Department reproted that in July the unemployment rate was not as high as had been expected. This is good news for mortgage rates. However, at the same time the number of job losses was lower than had [...]