Market Update
Tuesday, February 21, 2017
What’s going on and why does it matter?
Mortgage bonds opened lower this morning, while positive economic news in Europe is causing stock markets to resume their upward momentum. Mortgage bonds are now firmly below their 30-day moving average, which is likely to operate as a level of technical resistance. The good news is that bonds enjoy testing their limits… so they may attempt a rebound later this week to test the limits of their 30-day moving average. Although the economic calendar is light today, the Fed is scheduled to purchase up to $2.425 billion of 30-year conventional mortgage bonds.
What should you do about it?
Lock your rate to be safe; but keep in mind that mortgage bonds may attempt a rebound later today or later this week.
Economic Calendar
Economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Estimate | Actual |
| Wed 22 Feb |
Existing Home Sales |
Jan | 5.49M | 5.54M | |
| Thu 23 Feb |
Initial Jobless Claims |
Week of Feb 13 |
239,000 | 241,000 | |
| Fri 24 Feb |
U of Mich. Consumer Sentiment |
Feb | 98.5 | 96.0 | |
| Fri 24 Feb |
New Home Sales |
Jan | 540,000 | 570,000 |
Scott Shenton
NMLS Number: 1039731
Apex Home Loans
Corporate NMLS Number: 2884
sshenton@apexhomeloans.com
https://www.apexhomeloans.com/scottshenton
(240) 268-3156
3204 Tower Oaks Blvd, Suite 400
Rockville, Maryland 20852
Apex Home Loans, Inc. NMLS #2884. For more information, please reference the NMLS Consumer Access Website at http://nmlsconsumeraccess.org. Licensed by: DE as a Lender by the Office of the State Bank Commissioner (011603); DC as a Dual Authority Mortgage Lender by the Department of Insurance, Securities and Banking (MLB2884); FL as a Mortgage Lender by the FL Office of Financial Regulation (MLD1088); MD as a Mortgage Lender by the Dept. of Labor, Licensing & Regulation (06-4989); N.J. Department of Banking and Insurance (2884); PA as a Mortgage Lender by the Dept. of Banking & Securities (45078); VA as a Lender and Broker by the State Bank Commissioner (MC1278); and WV as a Mortgage Lender by the WV Division of Financial Institutions (ML-34657).
New Market Mortgages with Scott Shenton 