Mortgage Market Update - 4/1/2008

Wall Street starts 2nd quarter 2008 off with a BANG. (And that's no April Fool's joke)
The Dow currently up 295 points on better than expected ISM Manufacturing Index. Economists were expecting this one to fall but the reading posted up to 48.6. (Keeping in mind that a reading under 50 suggest contraction in the market) Along with this, Oil drops to $100 a barrel and the dollar gains.
10 yr Treasury notes sell off leaving the yield up to 3.52% and pushing mortgage rates higher today. MBA purchase application reports tomorrow followed by Jobless Claims on Thursday.
Good Luck,

Mortgage Market Update for 2/20/08

This is going to be another crazy day in the markets. Just when you thought rates would not go higher, They did!

Two key reports came out: housing starts and CPI...The housing starts were up (barely) and so was the Consumer Price Index. The stock market seems a little slow out of the gate this morning but the bond yield is over 3.9% which means higher rates for us in the mortgage profession. The rising rates have caused the mortgage app volume to drop dramatically for the week ending 2/15 and I can attest to that one personally. Don't rule out refinances yet. There are still a large number of eligible borrowers that need to refi to a fixed rate loan...We just have to find them!

Good Luck!