Says she had enough of me
The opening words to a great song by George Strait, seems to be the way the market treats us mortgage bankers lately. After a ½ point rally late Tuesday and Wednesday, Thursday’s market has taken a U turn, giving back most of those gains. Weekly claims may have had something to do with it, falling 20K to 654K. Continuing Claims however rose 95K to a new record 5.84 million.
Wells Fargo pre-announced earnings, doubling the streets consensus of .26 cents a share. That got stocks rolling, adding pressure to treasuries and mortgage backed securities. For the most part, money flows are mixed with below average volume, typical of a pre-holiday weekend trade. Overall, the market is still neutral but with a little more of a bearish bias. Just goes to show you how fast this market moves. Great job by those borrowers who locked in your Austin mortgage rate yesterday. You caught the market at its best level in quite some time. With volatility at such a high level, moves like yesterday and today can come from nowhere, creating violent swings.