This morning, the Initial Jobless Claims report came in at its lowest reading since the beginning of November. The four-week average, however, rose to its highest level in 16 years.
In other news, the Bank of England and the European Central Bank both cut interest rates today in an effort to revive their sagging economies. Here in the US, Secretary Treasurer Paulson is considering another plan to help boost the ailing housing markets. The Treasury already announced plans to buy Mortgage-Backed Securities issued by Fannie Mae and Freddie Mac and now wants to step up those purchases in a coordinated move to drive home loan rates down to 4.5%.
Currently, Mortgage Bonds are near unchanged levels this morning, as Stocks trade a little lower. Tomorrow, the Labor Department will unveil its Jobs Report for last month--and the markets are already bracing for poor numbers, which may help Bonds improve. For now, I recommend floating, but be prepared to lock if the situation changes.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment