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Mortgage Guide 11/23/11
Today has a lot of news that really all points to the same thing we have seen and felt over the last couple years. Not a whole lot of great news, small pockets of decent info and others not so good. Being the fact that markets are closed tomorrow in honor of Thanksgiving I expect today to be a slight hedge downward. Expect rates to remain the same while pricing inside those rates will be off between, .125 - .250.
Here is the data of relevance and to all have a Great and Blessed Thanksigiving and take some time to reflect and appraicate what this best holiday really means... Giving Thanks!
MBA mortgage Index: Actual -1.2%, prior -10.0%
Initial Claims: Actual 393K, prior 388K
Continuing Claims: Actual 3691K, prior 3608K
Personal Income: Actual 0.4%, prior 0.1%
Personal Spending: Actual 0.1%, prior 0.6%
PCE Prices - Core: Actual 0.1%, prior 0.0%
Durable Orders: Actual -0.7%, prior -0.8%
Durable Orders ex-Transportation: Actual 0.7%, prior 1.7%
Michigan Sentiment - Final: Actual 64.1, prior 64.2
Mortgage applications increasing is good, a touch higher in initial claims is not good but basically its flat (which is still terrible dont get me wrong), continuing claims well up and will likely keep other pockets of good news in check, personal income up is very good, personal spending down showing more pressure that deals will need to abound to get people away from their hard earned cash, PCE - flat nothing here, Durable orders same, Durable Orders ex transportation, down a full point Michigan Sentiment - stuck in the funk...
Nothing to cause rates to rise but due to holidays they likely arent coming down either.
Currently the FNMA 3.5 is trading -18bps for te day and is at 101.781 the 10Y treasury -8/32 and its yields are at 1.948
1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 18yrs in mortgage lending and 27 years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!
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John McCormack Owner/Managing Broker, e-PRO
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