The Dow is down about 60 points. February Pending Home Sales fell 1.9% from January, a little more than expected, and they are down -21% from one year ago. They are a leading indicator for housing market activity. Later, the FOMC minutes from March 18 Feb meeting will be released at 2:00 et.
Interest rates moved lower on the heals of this morning’s release of the Employment Report. The economy lost 80,000 jobs in March, the worst monthly results in five years. Wages rose at a 3.6% annual rate, in line with expectations. Today’s data shows strong evidence of economic contraction in the First Quarter of 2008, increasing […]
Mortgage rates improved this morning as Weekly Jobless Claims jumped to 407,000, the highest level since September 2005. Levels above 400,000 are consistent with a weakening labor market. All eyes are now on tomorrow’s release of the Employment Report for March. A poor showing would increase the likelihood of recession and could move rates slightly […]
Mortgage rates were modestly higher today as the market focused on Congressional testimony by Federal Reserve Chairman Ben Bernanke. Analysts interpreted Mr. Bernanke’s statements as an indication the pace of Federal Reserve rate cuts would likely slow in coming months. The probablility of a 1/2% reduction in the Fed Funds Rate at the Fed’s April […]
Mortgage rates were slightly higher today as stocks rallied, attracting investor funds away from mortgage-backed securities. Economic data came in stronger than expected but had little impact. This Friday’s unemployment report has potential to be the next big market mover.