Mortgage Rates Did Not Move Much Today
Mortgage
rates did not move much today as it
seems like everyone is anticipating something – but what? The most prevalently quoted conforming 30yr
fixed rates for top tier borrowers was somewhere between 3.875% and 4.000%,
depending on what fees made the most sense with each rate.
Stocks rallied today after selling of yesterday – but did not hold onto the early gains. The interest rate markets continued to hold their ground as I mentioned, there was nothing much to influence one way or another. Crude oil remains a major market influence. Listening and reading the debates over what the decline in energy means is a very mixed picture evenly divided between whether cheap energy and commodities are a plus or minus to equity and/or interest rates. It is not a black or white thing – it is like a kaleidoscope, twist it fractionally and the picture changes.
In summary, the relief rally following the
last auction did not materialize like I hoped possibly due to the stronger than
expected Retail Sales Report.
Nonetheless, pricing was steady.
With no US data hitting tomorrow, and all the auctions completed, I am
going over lock options with clients letting them know that things can turn
quickly – we have seen it before!
Remember, if you want to know the benefits of locking your rate today versus floating, simply give me a call at 314-744-7806 or visit my website at www.CallTheMoneyMan.com. I have access to real time Wall Street data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.
Stocks rallied today after selling of yesterday – but did not hold onto the early gains. The interest rate markets continued to hold their ground as I mentioned, there was nothing much to influence one way or another. Crude oil remains a major market influence. Listening and reading the debates over what the decline in energy means is a very mixed picture evenly divided between whether cheap energy and commodities are a plus or minus to equity and/or interest rates. It is not a black or white thing – it is like a kaleidoscope, twist it fractionally and the picture changes.
This morning’s stronger October retail sales are being
attributed to lower energy prices by many analysts even though gasoline prices
in October had only began to decline, most of the rapid decline came in
November encouraging the bullish economic outlook with thoughts of another
strong increase in retail sales next month and in December. Treasury sold $13B of 30yr bonds this
afternoon and it was a stampede to buy – just like yesterday’s strong 10yr
auction. The 10yr closed right where it
started this morning after going above 2.20%, it came back to 2.16%.
Remember, if you want to know the benefits of locking your rate today versus floating, simply give me a call at 314-744-7806 or visit my website at www.CallTheMoneyMan.com. I have access to real time Wall Street data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.
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