A Thanksgiving-like helping of economic news was served this morning and as a result, Mortgage Bonds are a trading a little higher. Durable orders were much lower than expected, while initial jobless claims were actually better than expected.
Inflation as measured by the Core PCE was tamer than estimates. Chicago PMI fell and Consumer Sentiment is still in the dumps. New Home Sales dropped to the lowest levels since 1991 but inventories have fallen 25.7%, the biggest drop since the government began tracking the data in 1963.
Yesterday's Fed announcement that it will be purchasing Mortgage Backed Securities from Fannie Mae, Freddie Mac and Ginnie Mae should help lower home loan rates over time. For today I will recommend to Float.
Wednesday, November 26, 2008
Daily Market Watch for 11-26-08
Labels:
banks,
bonds,
economy,
federal funds rate,
feds,
fico score,
free credit report,
hedge fund,
market watch,
mortgage,
mortgage rates,
stocks
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