Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!
Monday’s bond market has opened in positive territory after this morning’s sole economic report gave us a slightly lower than expected reading. The stock markets are mixed with the Dow down 30 points and the Nasdaq up 6 points. The bond market is currently up 12/32, but we will likely see little change in this morning’s mortgage rates.
The Conference Board said late this morning that its Leading Economic Indicators (LEI) for August rose 0.6%, meaning that it is predicting moderate to rapid growth in economic activity over the next few months, but at a slightly slower pace than analysts had thought. This is basically good news for bonds, but an upward revision to July’s reading offset this news. Besides, this data is considered to be only moderately important and a wide variance would have been needed to really influence trading and mortgage rates.
The rest of the week brings us the release of four more 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 …
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
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