Monday, April 10, 2017
What’s going on and why does it matter?
Mortgage bonds opened flat today in continuation of last week’s sideways momentum. Although last Friday’s jobs report was weaker than market expectations, bond investors remain concerned that the Fed may stop or slow down its mortgage bond buying program later this year. The market also seems unsure about the US political climate… the Trump agenda has stalled and Congress is out for the next two weeks on recess. The economic calendar is quiet today, but it picks up later this week. This is a holiday-shortened trading week as the bond market will have a half-day session on Thursday, and it will close on Good Friday. As for today, the Fed is scheduled to purchase up $850 million of GNMA mortgage bonds this morning, and Fed Chair Yellen is scheduled to give a speech later this afternoon.
What should you do about it?
Watch for mortgage bond prices to improve, but be prepared to lock quickly if bond prices break below their 100-day moving average.
CLICK HERE FOR THE FULL STORY
Economic Calendar
Economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Estimate | Actual |
| Tue 11 Apr |
JOLTS Job Openings |
Feb | 5.63M | 5.66M | |
| Thu 13 Apr |
Initial Jobless Claims |
Week of Apr 3 |
234,000 | 245,000 | |
| Thu 13 Apr |
PPI final demand |
Mar | +0.3% | 0.0% | |
| Thu 13 Apr |
U of Mich. Consumer Sentiment |
Apr | 97.6 | 96.5 | |
| Fri 14 Apr |
Core CPI | Mar | +0.2% | +0.2% | |
| Fri 14 Apr |
Retail Sales |
Mar | +0.1% | -0.1% |
New Market Mortgages with Scott Shenton 