Bonds, notes, and mortgage backs are flat with volume running at its lowest level in 3 weeks

Bonds, notes, and mortgage backs are flat with volume running at its lowest level in 3 weeks.  The tug of war that has us trapped pits stocks that just won’t fade (Dow up 45 points) on one side and Greek sovereign debt issues that just won’t go away on the other.  Matter of fact, Fitch just downgraded their debt of BBB-, right where subprime paper should have been in 2006 when the rating agencies had it at triple A.

The only economic data of the day was Wholesale Inventories, up .6% while Sales were up .8%.  The better than expected print gained encouragement from durable inventories up .5% and nondurables up .8%.  With inventories down 7.4% since February 2009, the results are good with the question being are they sustainable.  We shall see.

Technically, Wednesday’s strong buying followed by Thursday’s selling has left traders and the market a little worn out.  Good buyers below (4.0%) and sellers above (3.84%) set the table for a range trade until another catalyst comes along.  English translation for your Austin mortgage pricing is “steady as she goes.”

We’ll wrap it all up for you this afternoon.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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