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Market Update

Phil Jawny Mortgage Banker

Stocks are lower and Mortgage Bonds are higher so far this morning.  Dragging on Stocks are some weaker than expected earnings, namely from IBM.  Ebola fears have begun to ease this morning as nearly all who were quarantined by the city of Dallas, because they had contact with the patient Thomas Duncan, have completed the 21 day incubation period and have been cleared of the disease.

It’s a quiet news day, but the economic data for the week heats up, highlighted by Housing and Inflation data.  The week looks something like this:

Tuesday: Existing Home Sales

Wednesday: Mortgage Applications, Consumer Price Index

Thursday: Initial Jobless Claims, FHFA House Price Index

Friday: New Home Sales

The S&P 500 is lower and may be poised to test the lows again from Thursday in the coming week, which would be beneficial for Mortgage Bonds.  The 10-year Treasury Note Yield tested very low levels and came up and tested 2.21% and is using this as a ceiling.  It is encouraging if it stays beneath there.

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About PhilJawny

Award winning mortgage banker with over 14 years of experience.

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