Current Price of FNMA 5.5% Bond: $97.69 -9 bp on the day
Current 30 year fixed rate at par - 6.125%
This week's the economic calendar promises to be a tough one with several high-impact reports.
Tuesday kicks off the week with Consumer Confidence;
Wednesday has the latest FOMC meeting minutes;
Thursday brings 1st Quarter Preliminary GDP, the Chicago PMI, and Initial Jobless Claims;
Friday brings the May Jobs Report and Core PCE Inflation. We probably won't see a lot of serious reaction by the bond traders until Friday.
Bonds remain "oversold" and could be ready for an improvement, however, we're in a downward trend with a tough week.
If you need to close this week and haven't lock yet, I would. If you can wait and have the stomach for it, then float. Stay tuned for any significant news.
The above information was compiled from several sources that I subscribe to, including Barry Habib's Mortgage Market Guide and the Mortgage Commentary.
Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill County. He can be reached at larry.morris@equipoint.com . His website is www.PDX-Mortgage.com . This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved His opinions do not necessarily represent the views of Equipoint Financial Network.
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