Good afternoon AR readers and members.
Had an incredibly busy day today, so sorry for the very late market report.
As you may or may not be aware both of todays driving market movers 10Y auction and the Fed Beige Book report were released and those number helped draw money back into the security of the MBS market.
Fed Beige book showed some growth for manufacturing in many of the 12 districts but not all of them.
Overall not as solid a growth chart as hoped for and strong bids in the 10Y auction both factored in to help drive the 10Y yiled to its lowest levels of 2011 and back to late November 2010 levels. The 10Y yield is currently at 2.94% (meaning lower rates on mortgages)
The FNMA 4.0 coupon did equally as well with a flat open and after the reports showed strong gains posting a +31bps for the day with a +19bps gap up open and followed with an addl +12 for the days gains at close leaving the FNMA 4.0 currently at 101.531 closing in on the 102 level I called for last week.
Rates should trend lower and from the buzz we are hearing the Realtor are starting to see increased activity for new home purchases.
If you have questions on rates, investment propertys, strategy or saving money on the home loan you currently have please feel free to contact me.
David Shamansky
US Mortgages
8 Inverness Dr E Ste 260
Englewood, CO 80112
720-524-8020
NMLS#245170
* above commentary is my own from various sources of news and media in both US and global economies and does not guarantee any direction on mortgage rates
Comments(0)