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Thousand Oaks Rate Advisory, Home Loans
Thursday's bond market has opened in negative territory following early stock market strength. The stock markets are showing gains with the Dow up 64 and the Nasdaq up 14 points. The bond market is currently down 9/32, which will likely push this morning's mortgage rates higher by approximately .125 of a discount point.The Commerce Department reported early this morning that the trade deficit fell to $57.6 billion in August. This was much lower than expected, but since this data is not considered to be of high importance to the bond market, its results have not influenced trading or mortgage rates this morning.The Labor Department gave us weekly unemployment claims, saying that 308,000 new claims were filed last week. This was lower than analysts had expected, but was with the trade deficit figures, usually does not have much of an impact on bonds or mortgage rates unless it varies greatly from forecasts.There are three reports scheduled to be posted tomorrow. The first is September's Retail Sales report, which is very important to the markets. This data measures consumer spending by tracking sales at retail establishments in the U.S. Since consumer spending makes up two-thirds of the U.S. economy, any related data is ... more
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