Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!
Thursday’s bond market initially opened well in negative territory but has since rebounded after stocks opened in negative ground. The Dow is currently down 28 points while the Nasdaq has fallen 12 points. While those may be minor losses, the concern is the fact that the Dow has slipped below the 10,000 benchmark that we heard so much about yesterday. Investors’ concerns that stocks may not be able to hold recent gains has helped boost bond prices during early morning trading. The result is the bond market currently up 3/32, but I am expecting to see an increase in this morning’s mortgage rates of approximately .375 of a discount point compared to yesterday’s morning rates.
The Labor Department reported this morning that September’s Consumer Price Index (CPI) rose 0.2% and that the core data reading rose 0.2%. The overall reading matched forecasts but the more important core data exceeded…
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©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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