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Moorpark Rate Advisory, Home Loans

 
Tuesday's bond market has opened in negative territory following early stock strength. The stock markets are rebounding form yesterday's losses with the Dow currently up 104 points while the Nasdaq has gained 31 points. The bond market is currently down 11/32, which will likely keep this morning's mortgage rates near yesterday's levels. Strength in bonds late y esterday prevented an increase in this morning's rates. The first report of the week was October's Housing Starts that was posted early this morning. It showed an increase in starts of new homes of 3.0%, exceeding forecasts of a 1.5% decline. This is somewhat bad news for the bond market, however, this data is of relatively low importance to the market. In addition, a portion of the report that tracks new permits pulled for future starts actually dropped to a 14-year low. Overall, this hasn't helped or hurt bond prices this morning and had little impact on mortgage pricing.The minutes to the last FOMC meeting will be posted at 2:00 PM ET today. These may be a major mover of the markets or could be a non-factor, depending on what they say. The key will be concerns over inflation and the Fed's next move. ... more

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