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Moorpark Rate Advisory, Home Loans
Tuesday's bond market has opened in positive territory again as investors seek safe-haven from stock volatility. The stock markets are showing small gains with the Dow up 25 points and the Nasdaq up 10 points. The bond market is currently up 9/32, which will likely improve this morning's mortgage rates by approximately .250 of a discount point.
There is no relevant economic data scheduled for release today or tomorrow. This will likely leave bonds to be driven by stock markets moves and concerns. If stocks move higher later today and tomorrow, we could see bonds suffer and mortgage rates inch higher. If the major indexes fall, mortgage rates could follow suit. However, I am still holding the lock recommendations for the time being.
There really is no important economic news scheduled for release until Friday morning when the Commerce Department will post July's Durable Goods Orders. This will give us an important measure of manufacturing sector strength. This data tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years. A smaller increase than the expected 1.0% rise would indicate that the manufacturing sector is not as strong as thought. This would be good news ... more
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