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Moorpark Rate Advisory, Home Loans

Tuesday's bond market has opened flat despite weaker than expected economic news and early stock losses. The stock markets are in negative territory with the Dow down 45 points and the Nasdaq down 3 points. The bond market is currently nearly unchanged from yesterday's closing levels, which should keep this morning's mortgage rates unchanged.The Confe rence Board said this morning that their Consumer Confidence Index (CCI) for October fell to 95.6. This was much lower than was expected and indicates that consumers felt much less confident in their own financial situations than many had thought. This is good news for bonds and mortgage rates because it means that consumer spending is likely to slow in the near future. However, with the importance of tomorrow's economic data and FOMC meeting, the reaction to this news has been rather subdued.Tomorrow morning brings us the release of the preliminary reading of the 3rd Quarter Gross Domestic Product (GDP). The GDP is considered to be the benchmark measurement of economic growth because it is the sum of all goods and services produced in the U.S. and is likely to have a major impact on the financial markets and mortgage pricing. There are three versions of ... more

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