Fed ALERT

ALERT!!   7/31/2013 1:03 CST

Fed announced they will continue their $85million monthly bond purchases in an effort to keep interest rates low.  This is great news for those who have still not taken advantage of these historically low rates.  We saw a spike in the price of MBS

The Mortgage Update 7-31-2013

Treasuries are down amid speculation that the Fed may hint on the path for its bond purchases after a policy meeting today. Forecasts expect the U.S GDP to have expanded at a 1 percent pace in April to June versus a 1.8 percent growth rate the previous three months. A survey showed the jobless rates fell to 7.5 percent this month, from 7.6 percent in June before the Labor Department releases its numbers on August 2nd.

The Mortgage Update 7/30/2013

Feeling confident today? The key data point today is consumer confidence and it’s not unreasonable to expect high trade volumes increasing volatility. Economists claim consumer confidence worsened this month, boosting demand for the sagest assets like MBS. Wednesday and Friday have huge potential to move the market. According to top economic analysts, data this week is likely to suggest the economic recovery is weaker than expected, which could mean good news for us.

This Week's Economic Releases

To anyone in the mortgage business or int he process of getting a mortgage this is VALUABLE information

This Week's Economic Releases

Mon
10:00 AM
Pending Home Sales
10:30 AM
Dallas Mfg Survey

Tues
9:00 AM
S&P Case-Shiller HPI
10:00 AM
Consumer Confidence

Wed
8:15 AM
ADP Employment Report
8:30 AM
GDP
8:30 AM
Employment Cost Index

Thurs
8:30 AM
Jobless Claims
8:58 AM
PMI Manufacturing
10:00 AM
ISM Mfg Index
10:00 AM
Construction Spending
10:00 AM
Construction Spending
10:00 AM
Construction Spending

Fri
8:30 AM
Employment Situation
8:30 AM
Personal Income and Outlays

The Mortgage Update 7-29-2013

HAPPY MONDAY

It was an uneventful end to an uneventful week on Friday. The largest movement was Wednesday prior to Pending Home Sales Report and remarks from President Obama. This morning, treasuries are little changed from Friday’s levels before an industry report will show pending sales of previously owned U.S. homes declined in June. Economists also project the GDP report, due out later this week, will show growth slowed last quarter. There is a lot of economic news this week, which could increase volatility this week. So, buckle up it could be a wild ride…

The Mortgage Update 7-26-2013

Something strange happened yesterday, the bond
market rallied late in the day. An article was released
claiming the Fed will continue to purchase bonds and
support current monetary policy. However, some gains
have been lost overnight ahead of the Consumer
Confidence Report. Economists said the report should
show confidence is higher than initially estimated,
adding to the signs that economic recovery is gaining
momentum.

The Mortgage Update 7-25-2013

Overnight Treasury 10- year yields reached their highest levels in over a week before a government report should show orders for U.S. durable goods increased for a third month in a row. A sell-off in the German Bunds attracted investors away from the MBS market, adding to weak mid day trading levels. The bond market appears to be drifting, keeping rates somewhat stable over the past three days. We will see if we can keep this momentum through today with Jobless Claims and Durable Goods Orders due out this morning.