The market was doing just fine until the headlines broke the minutes of last month’s FOMC meeting (Fed Open Market Committee)
February 17, 2010
The market was doing just fine until the headlines broke the minutes of last month’s FOMC meeting (Fed Open Market Committee). The “Street” didn’t take kindly to comments regarding treasury asset sales, consideration of a .25 bps hike in the Discount Rate, and a general hawkish tone once they can determine that a recovery is “self sustaining”. The “headlines” unnerved traders, causing the 10 year note to drop ½ point in minutes. Although the 10 year and mortgage backs are set to close on the weak side, major support held. We are closing below the 21 day moving average for the first time since January 12th, a not so good sign. We need to be careful here as any close above 3.79% on the 10 year note will set a bearish trend in motion (currently 3.74%). For now, we are just testing the bottom of the range with sellers holding an edge. Best to stay defensive into tomorrow morning’s Weekly Claims release and PPI (inflation at the wholesale level).
About Max Leaman Austin Mortgage
Max Leaman, Branch Manager
PrimeLending Austin Mortgage
Since 2001, I have served the greater Austin, TX area, focused on providing the absolute best rates and lowest fees. More than that, I treat clients like family and consider you a client for life.
My priority is to provide the best rates and lowest fees. Period.
Step by step, I walk you through the entire mortgage process.
Your loan will close on time, as promised, with no surprises.
I make sure you understand exactly what we are doing and why.
I help you obtain homeowners insurance if you need it.
I attend your closing (not many lenders do), to answer any last-minute questions and ensure a 100% stress-free closing from start to finish.
What's more, I am available after your closing to be your go-to consultant for any mortgage question or concern. I am also available to recommend high-quality contractors and professional services for your new home, as well as referrals for financial services, law, medical and everything in-between.
Please let me know if we can assist you in any way. You can reach me quickly by office phone (512) 617-5636 or by mobile (512) 293-1239. You can also email MaxL@PrimeLending.com.