Market Update - Wednesday, June 8, 2016

By
Mortgage and Lending with Cardinal Financial Company, Limited Partnership NMLS ID # 9659

What's going on and why does it matter?
Mortgage bonds are continuing to drift sideways amidst market uncertainty.  Oil prices are at their highest levels in nearly a year (bad for bonds), but China reported weaker than expected export data, and the World Bank reduced its global economic growth forecasts (both good for bonds).  The Fed is scheduled to purchase up to $2.375 billion in mortgage bonds today, which may help to keep bond prices in positive territory.  The economic calendar is light this week, with the JOLTS report scheduled to come out later today.  The market may be in a holding pattern until the Fed issues its monetary policy statement next week.  In the meantime, and in the absence of any major news, mortgage bonds may continue to drift sideways.

Posted by

Nikitas Kouimanis, CMPS® |Licensed Loan Originator & Sales Manager

NMLS ID # 9659

United Northern Mortgage Bankers, Ltd. 

3601 Hempstead Turnpike, Suite. 300,
Levittown, NY 11756

Mobile: 516-206-0000

Direct: 516-390-8262

Office: 516-520-5700 Ext.195

eFax: 855-342-3555
Email: nkouimanis@unitednorthern.com

Web: http://ihaveamortgageguy.com/

"Celebrating 37 Years of Mortgage Banking Success!"

 

        

 

        

Comments (1)

Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I shook my head a little when Janet Yellen said last week that the economy was SOLID but UNCERTAIN!  Yep, in the same sentence!

Jun 10, 2016 10:58 PM

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