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.
Licensed in: OR, WA, AL, AK, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, IA, MD, MA, MI, MS, MO, MT, NE, NV, NH, NM, OK, SC, SD, TN, TX, UT, VT, VA,
Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage Company in Newberg, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, Sect 184 Native American loans, Hobby Farm loans and conforming purchase and refinances in the states of Oregon and Washington.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
www.PDX-Mortgage.com
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APR rates are subject to change based on lender's normal credit guidelines and market conditions.
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