Our bias will lean towards a range trade with follow through in either direction (better or worsening mortgage pricing) doubtful

Stocks had a great day, breaking a four day S & P losing streak.  The Dow finished up 199 points and the Naz gained nearly 38 points on the day.  Given the stock market trade, any gains in mortgage pricing will be more difficult to come by.  That said, the market profile neutralized yesterday’s bullish structure but did not turn it negative.  The extreme low (yield of 3.52% –  going into the close at 3.49%) held with fast money buyers taking it off the lows, not to be revisited into the close.  Downside trading was mixed but we did close above the session mode, a net positive.  Into the end of the week/month, our bias will lean towards a range trade with follow through in either direction (better or worsening mortgage pricing) doubtful.

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)

Comments are closed.