| Home Page
Mortgage News You Can Use
The Mortgage Market This Week
Sponsored by the Bond Rate Monitor
Rate Trend: Sideways to Higher
As of Friday rates are almost exactly as they were prior to the Fed statement of last week. As we expected rates rebounded in the beginning of the week. We attribute the stability that ended the week based on the non-news of the employment numbers announced Friday.
Even though the recovering economy managed to add 112,000 jobs in January, this was far off from expectations of 150,000 or more. One important footnote on the report was the revision to December's employment numbers from a mere 1,000 to 16,000. Even though 16,000 is not a staggering number, this does plant December firmly in positive territory, as opposed to being revised into negative numbers.
This weeks economic calendar is sparse, with the highlight of the week on Thursday, when the Unemployment and the Treasury announcement is slated to be released. With this said, there are two notable events not on the calendar that will likely push rates slightly higher. The first will occur on Tuesday, when the delivery date for MBS securities changes to March. The second is on Wednesday when Alan Greenspan addresses the House Subcommittee. It is very likely Mr. Greenspan will be upbeat about the economy, and this will likely lead to rates pushing higher.
One additional note, the MBS market will close early on Friday and remain closed on Monday in observance of President's Day.
Like always, as professionals you need to constantly monitor the market to protect your pipeline and your profits from mid-day price increases and identify golden locking opportunities when they reveal themselves.
The Bond Rate Monitor is a service that monitors the MBS market place in real time for mortgage professionals. The service alerts subscribers to rate movements before investors can re-price, thereby allowing originators to lock their client's rates at substantial profits.
Continue with:
| 
