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Moorpark Rate Advisory, Home Loans
Tuesday's bond market has opened in negative with no relevant economic news scheduled for release today. The stock markets are showing losses with the Dow down 36 points and the Nasdaq down 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.Tomorrow morn ing brings us the release of two reports to be concerned with. The first is the release of the revised 3rd Quarter Productivity report. This index is expected to show an upward revision from the preliminary reading of worker productivity. Higher levels of productivity are thought to allow the economy to expand without inflationary pressures rising. This is good news for the bond market because economic growth itself isn't necessarily bad for the bond market. It is the conditions around economic growth, such as inflation that hurt bond prices and mortgage rates. Current forecasts are calling for an annual rate of 5.8%, up from the previous estimate of 4.9%.The second report of the day will be October's Factory Orders. This report is similar to last week's Durable Goods Orders release except that this one includes orders for both durable and non-durable goods. This ... more
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