Loan Biz Blog

You will want to stay tuned for this one!

Just a quick note as we are way behind the curve this morning. For the most part, the jobs report was bond bullish, improving or holding steady mortgage pricing as Nonfarm Payrolls fell 20K. Since the print, both stocks and mortgage backs held close to unchanged. Within the last 10 minutes, stocks have slipped, now down 88 points on the big board. This has helped to goose MBS higher and allow us to improve pricing by .125% (out shortly). With S & P futures (stocks) right on good support, we would expect a bounce in stocks early next week (at least a short term trade). So with the price improvement, it’s not a bad time to take a little off the table, expecting stocks to recover and our mortgage pricing to get pinched (consolidate) as the week begins. It fits with the technical picture as well since we are now becoming over bought in the near term. Overall, both global and stateside concerns will keep the market on edge and support lower mortgage rates. Interesting stuff from Gail this morning, especially the first piece on extending MBS purchases. Pray that the Apple Dumpling Gang gets it right. Wonderful to see all you PrimeMericans the past few days. Safe travels.

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

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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