Markets under pressure

___

At 8:30 am ET this morning the 10 year note at 3.76% +3 bp, MBS prices down 11 bps from yesterday’s close.

Weekly MBA mortgage applications, the composite increased 11.0%, purchase applications +1.4% but re-finances roared ahead increasing 20.3%; the week prior re-finances were up 24% from the week before that.

The Fed is banking on a soft landing for the economy in 2025 by aggressive rate cutting, (another 50 bps expected this year and a number of Fed officials anticipating another 100 bps in 2025). Investors and traders not so sure yet.

At 9:30 am the DJIA opened -3, NASDAQ +2, S&P +5. 10 year 3.77% +4 bp. FNMA 5.5 30 year coupon at 9:30 am -8 bps from yesterday’s close and +1 bp from 9:30 am yesterday. Neither stocks or bond markets are moving so far this week.

August new home sales at 10 am, expected at 700K from 739K; reported at 716K and July revised from 739K to 751K. We will have details this afternoon.

At 1 pm Treasury will auction $70B of 5 year notes. Yesterday’s 2 year auction was neither soft nor strong but just right, like the porridge.

Yesterday rates began higher, then at 10 am the consumer confidence index flipped rates to end the day slightly lower; today there isn’t any key data that might move rates lower. Tomorrow Jerome Powell will speak, Friday inflation with the Fed’s fav PCE.

Source: TBWS


All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

First Priority Home Loans is a DBA of Anchor Funding, Inc. NMLS #236419 & 1626581. California Bureau of Real Estate, Real Estate Broker Number 01276087. Loans made or arranged pursuant to the California Department of Business Oversight. California Finance Lenders Law license number 603 L293.  





Andre Enriques

Branch Manager/Mortgage Lender

NMLS: 220937

First Priority Home Loans

891 Kuhn Drive #204, Chula Vista CA

Company NMLS: 236419

Office: 619-323-2066

Cell: 619-208-6499

Email: andrefunds4u@sbcglobal.net

Web: http://www.andreenriques.com

Avatar

Andre Enriques

___

Branch Manager/Mortgage Lender

NMLS: 220937

Cell: 619-208-6499


Last articles

___









Load more

Mortgage Calculator

___


Scroll top