Mortgage Backed Securities markets have took a large dip this morning, continuing the downward trend that we saw late yesterday. Today's economic news brought the PPI in at +0.2% and the Core PPI matched that number. Retail sales have seen its first decline in a few months but was very nominal and still better than expectations. Retail Sales minus auto sales came in higher than expected which fueled the stock market. Stock market rally plus positive inflation news will always hurt bonds and that is what we saw today.
Mortgage Rates are still looking great but keep an eye on the rest of the news coming out this week. I will be highly interested new about inflation since that can cause consumers to pull back spending. One of the first places to look when trying to cut back on monthly expenses is mortgage payments. If you have an FHA loan you can streamline refinance it with me in AZ. There is no appraisal or cost. We pick up the whole tab. Contact me with any questions. Rates for my streamline program are listed in my rates for the day. Streamline rates for $200,000 or less are available.
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