Big News day today. Philadelphia Fed Index and the Initial Jobless Claims came in very low, which these 2 releases trumped that of the M&A talk (Intel buying McAfee for $7.7 billion). The Economic Leading Indicators show very slow growth ahead. This didn't bode well for Stocks, so they are trading very low so far this morning. As a result, Bonds made a comeback (after a bit of a correction this week). From the height to this morning's opening, the Bond Market had plunged 70 bps. It's made about half that back. If this bad economic news didn't happen, then we'd probably would have looked at another possible 80 bps drop. As a result, Mortgage Rates are up for the Day (bringing us closer to Monday's numbers).
Update: The Bond Market Improved enough to warrant better pricing (Interest Rates Improved some more).
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