Just a thought or two before the day slips away. Unlike yesterday, it’s been a fairly quiet market with stocks down 61 on the Dow and MBS flat to up 2/32’s. Option expiration has ruled the day in stocks with a little added volatility due to poor earnings reported by B of A and GE. IBM disappointed as well. Mid-day, trading has ground to a halt as fast money traders have already started their weekend. Little is seen to change the afternoon trade with the exception of potential rate lock selling to hedge upcoming corporate bond issues. If this occurred, it would weigh on the market, effecting Austin mortgage pricing in a negative way. Most likely, we will continue to hold the range of the past few days as traders sell strength and buy weakness. The only thing we don’t like is the fact that as stocks trade lower (at one time down over 100 points), mortgage backs and the 10 year note fail to rally. Currently, the 10 year note is up 8/32’s (yield 3.44%), MBS up 2/32’s, and stocks off 61 on the big board. Caution is still advised as we button up the week.
Potential rate lock selling to hedge upcoming corporate bond issues could weigh on the market, effecting Austin mortgage pricing in a negative way
October 16, 2009|Austin Mortgage Market|
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