Mortgage Market Report for Monday November 19th 2007
The Citigroup has been downgraded and may have to write off an additional 4 billion due to sub-prime losses. This is pushing stock prices lower and has improved the bond market as traders park their investments.
Tomorrow the Fed is scheduled to release the first of its economic forecasts as well as minutes from the October meeting. These minutes should have an affect on tomorrow's market.
Mortgage Backed securities continue to go up and are supported by 2 floors of support at the 50 and 25 day moving averages. As long as these floors of support hold we recommend that you continue to float your rate.
Thanksgiving Holiday will close the bond market early on Wednesday and Friday at 11AM Pacific Time. The market is completely closed on Thursday in observance of this national holiday.
As new developments occur in the mortgage and real estate industry new reports will be posted. Keep tuned in.
Thank you for listening and we will have another report for you tomorrow.
Roger Herrick
California Mortgage Broker
www.ContactHerrick.com
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