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Durable Goods Report Helps MBS
This morning's Durable Goods report (for November) was below expectations and sparked a rally in the Mortgage Backed Securities (MBS) market.
Expectations were for a 1.5% increase The report showed a decline of -0.2% The biggest reason for the decline in Durable Goods can be attributed to Boeing. Defense and Aircraft orders (or lack there of) were a big reason for the decline; most other areas showed decent gains.
What does this mean for mortgage rates?
It will help keep a lid on the recent trend in which mortgage rates were inching higher as we head into the holiday season. Overall though, mortgage rates remain near their 2019 lows and both homebuyers and homeowners (who are looking to refinance a current mortgage) should feel good about the level in which mortgage rates are finshing the year.
A slow week for economic reports:
Not surprisingly this is going to be a slow week for economic reports. After today's Durable Goods report we have the weekly unemployment report and the weekly MBA mortgage applications report. Most lenders take a conservative approach with pricing during the holidays as the market is subjet to abnormal fluctuations along with the minimal staff some lenders have on hand to help with ... more
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