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Thousand Oaks Rate Advisory, Home Loans

Wednesday's bond market has opened in negative territory after this morning's GDP report showed a much stronger reading than was expected. The stock markets are showing early gains with the Dow up 50 points and the Nasdaq up 12 points. The bond market is currently down 6/32, which will likely push this morning's mortgage rates higher by approximately .125 of a discount point.Today's release of the 3rd Quarter Gross Domestic Product (GDP) revealed a 3.9% annual pace of economic growth, exceeding forecasts of a 3.1% rate. This means that economic activity was moderately stronger than expected. However, offsetting that was good news in the key inflation reading within the report. It showed a significantly lower reading than was expected, indicating inflationary pressures were well under control. This is very good news for bonds and mortgage rates, but many traders are waiting for today's FOMC meeting before making any major moves.Also posted this morning was the 3rd Quarter Employment Cost Index (ECI), which tracks employer costs for salaries and benefits. It showed a 0.8% that was slightly lower than forecasts. This can also be taken as good news for bonds and mortgage pricing because it eases wage inflation concerns.The FOMC meeting will ... more

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