Loan Biz Blog

Although the early morning economic data was much better than expected, especially GDP plus 5.7%, stocks are just above unchanged and bonds, notes, and mortgage backs are grinding higher (rally). Most of the improvement in treasury and mortgage pricing can be attributed to month end hedge fund extensions. Barclays index, which most money funds must follow, call for a .06 duration extension in fixed income funds. This is healthy and has forced firms that must comply to the index to step up and buy all the instruments we just talked about. Concerns over stock price valuations continues to support our market as well. China slowing its economy, Greece going broke, and political policy uneasiness in Washington DC are all giving the stock market a continuing headache. With the price change for the better that Big Joe just threw your way, it’s a good time to lock in a few at the best levels of the week. Monday will be a new month and the hedge fund buying will be history so take advantage if the need is there. More this afternoon as we wrap it up for the week.

With Permission & Courtesy of Scott S. Eggen
Senior Vice President – Capital Markets

For other rate lock advisory commentary please visit:
http://www.mrloanbiz.com/DailyRateAdvisory

Sam Cowen, NMLS ID#: 176693
Branch Manager, Lending in 47 States
PrimeLending | a PlainsCapital Company
2007 N Collins Blvd Ste 403 Richardson, TX 75080
Email: 888@MrLoanBiz.Com Web: www.MrLoanBiz.Com
Toll Free: (888)MR-LOAN-BIZ (888) 675-6262 Toll Free Fax: 866-908-2611