Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!
Thursday’s bond market has opened in negative territory after the stock markets opened with minor gains and there was no important economic data on the calendar to influence trading. The Dow is currently up 25 points while the Nasdaq has gained 5 points. The bond market is currently down 4/32, which will likely push this morning’s mortgage rates higher by approximately .125 of a discount point.
The only semi-relevant economic data posted today was last week’s unemployment figures from the Labor Department and the ISM services index. Many traders are waiting for tomorrow’s major news before making adjustments to their portfolios. The Labor Department reported this morning that 570,000 new claims for unemployment benefits were filed last week and the ISM index revealed a reading of 48.4. Both of these were very close to expectations but neither are considered to be of much importance to the markets. Therefore, the bond market has been mostly influenced by stock trading and preparation for tomorrow’s news.
Yesterday’s afternoon release of the FOMC minutes didn’t have much of an impact on trading or mortgage rates. They revealed that the Fed is still optimistic about …
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©Mortgage Commentary 2009
* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com
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