Next few days could be high volatility, market moving affairs with the mid-term elections, FOMC meeting, and a boat load economic data culminating with the Employment Report on Friday

Just a quick note this morning as markets are on the move.  Earlier today, Consumer Spending hit the skids, posting a gain of only .2%.  Personal Income fell .1% as well.  This release initially gave our market a lift with the 10 year note up 10/32’s and mortgage backs up 2 to 4/32’s.  The Dow was also on fire, up nearly 100 points within minutes of the open.  Since then, both stocks and fixed income have taken a dip.  Stocks have cut their gains in half on the Big Board and the 10 year note is now down on the day.

Mortgage backs have slipped into the red. As I mentioned last week, the next few days could be high volatility, market moving affairs with the mid-term elections, FOMC meeting, and a boat load economic data culminating with the Employment Report on Friday.

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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