Mortage Update – January 20, 2014

Mortage Update – January 20, 2014

Market Comment Mortgage bond prices finished the week higher which helped mortgage interest rates fall.  Rates experienced some very large swings throughout the course of the week.  There were improvements Monday.  Higher than expected retail sales data Tuesday morning tempered the earlier gains.  Higher than expected producer price index data Wednesday pushed rates higher midweek.  PPI rose 0.4% versus the…

Mortgage Update – January 6, 2014

Mortgage Update – January 6, 2014

Market Comment Mortgage bond prices finished the week near unchanged holding rates steady.  Rates improved Monday amid no data and thin conditions ahead of the holiday.  Consumer confidence printed at 78.1.  Expectations were for confidence to increase 6.6 to 77.1.  Confidence data is important because 2/3’s of the GDP comes from consumer spending and a confident consumer is more…

Mortgage Update – December 30, 2013

Mortgage Update – December 30, 2013

Market Comment Mortgage bond prices finished the week lower which pushed rates higher. Rates improved Monday in response to weaker than expected consumer sentiment data. Sentiment came in at 82.5 versus the expected 83.3 mark. Unfortunately the improvements were short-lived as Richmond Federal Reserve President Lacker set off additional taper concerns. Lacker said, “”You have…

Mortgage Update – December 23, 2013

Mortgage Update – December 23, 2013

Market Comment Mortgage bond prices finished the week lower, which pushed rates higher.  Rates improved Monday in response to better than expected productivity data.  Unfortunately the improvements were short-lived as the Federal Reserve meeting loomed Tuesday and Wednesday.  The Fed announced a reduction in asset purchases for January and rates shot significantly higher Wednesday afternoon.  Stronger than expected Philadelphia…

Market Update – December 9, 2013

Market Update – December 9, 2013

  Market Comment Mortgage bond prices finished the week sharply lower, which pushed mortgage interest rates higher.  Rates rose Monday in response to stronger than expected ISM Index data.  The ISM report printed at 57.3 versus the expected 55.5 mark.  The ADP employment report added fuel to the negative fire. ADP rose 215k versus the expected 160k increase….

Market Update – December 2, 2013

Market Update – December 2, 2013

Market Comment Mortgage bond prices finished the week lower, which pushed mortgage interest rates slightly higher.  Rates held steady Monday but reacted negatively to the data later in the week.  Weekly jobless claims came in @ 316k versus the expected 330k mark. Durable goods orders fell 2% versus the expected 2.2% decrease.  Michigan Sentiment came in @ 75.1…

Market Update – November 25, 2013

Market Update – November 25, 2013

Market Comment Mortgage bond prices finished the week lower, which pushed mortgage interest rates sharply higher.  Rates improved gradually the first of the week.  The employment cost index data was in line with expectations.  Unfortunately rates spiked higher Wednesday and Thursday in response to stronger than expected retail sales data and the Fed minutes (see below.)  Better than expected…