Mortgage bonds broke through and closed above their 30-day moving average yesterday, which is a great sign. The 30-day moving average is now likely to operate as a technical level of support. The non-farm payrolls report came out this morning much worse than market expectations. Only 38,000 jobs were created last month vs. market expectations of 164,000. Even when you factor out the Verizon strike (35,100 jobs), the report is astonishingly weak. This is the weakest jobs report in over five years. This is likely to cause mortgage bond prices to rally today. A weak … (0 comments)
mortgage daily news: Mortgage Daily Report - Friday - November 1
- 11/02/13 08:57 PM
Economic data was on the light side today with just a reading on manufacturing activity across the nation. The national ISM Index came in at 56.4% in October, up from the September reading of 56.2%. It was the highest level in 2013 and has increased progressively each month since June. However, within the report the employment component fell by 2.2% to 53.2%. The major Stock indexes have soared this year due in part to the massive stimulus program enacted by the Federal Reserve Bank. The S&P 500 is up 23%, the Nasdaq has gained 30% while the Dow Jones Industrial Average … (3 comments)
mortgage daily news: Today's Daily Mortgage News Tuesday - October 15
- 10/15/13 12:33 PM
Not much economic news today with just a report from the New York Federal Reserve on manufacturing activity in the region. The Empire State Index in October fell to 1.5, the worst level in five months and below the 4.5 expected and down from the 6.3 registered in September. There was no indication of the impact on manufacturing due to the government shutdown. The government shutdown is now in its 15th day as lawmakers in Washington have not yet reached a deal to reopen the government or come to an agreement on the debt ceiling. If a debt ceiling deal is … (0 comments)
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