Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!
This week brings us the release of five relevant economic reports in addition to another FOMC meeting and two important Treasury auctions. None of the factual reports are considered to be highly important. In fact, most of the economic news is considered to be only moderately important. This should help limit the possibility of significant changes to mortgage rates most days this week.
Unlike many Mondays, there is relevant data being posted tomorrow. The Conference Board will release its Leading Economic Indicators (LEI) for August late tomorrow morning. This index attempts to measure economic activity over the next three to six months. It is expected to show a 0.7% rise, meaning that it is predicting a sizable increase in economic activity over the next several months. A larger than expected reading would be considered bad news for bonds and could lead to a minor increase in mortgage rates tomorrow.
There is nothing of importance scheduled for release Tuesday, but the first of this week’s two important Treasury sales will take place Wednesday and the Fed’s two-day FOMC meeting will adjourn Wednesday afternoon. The Treasury will sell 5-year Notes Wednesday and 7-year Notes Thursday. If investor demand in these sales is strong, particularly from international buyers, the broader bond market should move higher pushing …
To read the rest of the story click on “mortgage”: mortgage
©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
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment