Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!
Tuesday’s bond market initially opened well in negative territory but has since recovered a good portion of those losses following a much weaker than expected consumer confidence reading. The stocks markets are posting losses with the Dow down 27 points and the Nasdaq down 9 points. The bond market is currently down 2/32, but this is well off earlier lows. However, we will still likely see an improvement to this morning’s mortgage rates of approximately .125 of a discount point due to strength yesterday.
The Conference Board, who is a New York based business research group, reported late this morning that their Consumer Confidence Index (CCI) for September stood at 53.1. That was a decline from August’s reading and well below forecasts of a 57.0 reading, indicating that consumers were much less optimistic about their own financial situations than many had thought. This can be considered good news for bonds and mortgage rates because it means that consumers are less likely to make a large purchase in the near …
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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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