Bonds, notes, and mortgage backs have been slowly fading as the day moves on, due in part to stocks opening higher and holding their gains. Currently, the Dow is up 183 points and nervous about the last hour of trade, waiting to see if the rally can hold or fades as has been the pattern. No news today but Fed Governor Fisher (Texas) was on CNBC, talking about a slowing second half yet one that will avoid a double dip. Interesting that he is considered a hawk, one that has been tough on monetary policy and inflation. In the conversation, he comments about no need for further asset purchases but with a slowing second half of the year in his forecast, low inflation and a weak economy seem to be in play. This follows the Fed thinking and projects a low Austin mortgage interest rate environment until sustainable employment growth materializes. Most of the trade has been done within a 1 point range with willing sellers and buyers at the extremes. Markets like this need a catalyst to move. Maybe tomorrow’s Weekly Claims will get some trending action going. So for right now, the market is not too hot, not too cool, but just right.
Fed thinking projects a low Austin mortgage interest rate environment until sustainable employment growth materializes
July 7, 2010|Austin Mortgage Market|
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