The existing dynamics between the financial market, and the solutions that mortgage professionals cater to borrowers to help them navigate on this volatile environment, is one of the reasons I love my career.
Every day I look forward to see how economic reports influence the traders' investment decisions in the mortate bond and stock market...
Last Friday's Initial Jobless Claims were reported at 356,000, that was above expectations of 340,000. It is important to notice that in the review of the previous week claims increased from 375,000 to 378,000.
The most significant average movement was on the last four weeks where Initial Claims increased to 335,000, following an increment in unemployment claims from 75,000 to 2.78 millions, representing the highest level recorded since October 2005.
David's mortgage update:
Mortgage bonds had their monthly coupon rollover after the close of trading. How did that affect homeloan pricing? The effect of this rollover was minus 19 basis points adjustment.