We also have the FOMC announcement today at 1:15 pm cst. No Austin mortgage rate change is expected but watch the FOMC policy statement closely. Hopefully, we will not get sideswiped. Want to get this out as the market is taking some heat. Mortgage backs now off 10/32’s so a price change is imminent.
No news today but Greece once again is in the headlines. Rates on their 2 year note were over 13% this morning. Bonds, notes, and mortgage backs all opened to the plus side with current coupon MBS up 6/32’s. Just a heads up as they are starting to slip, currently up only 2/32’s. Worsening Austin mortgage price change is at hand.
While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, Austin mortgage rates ended the week a little higher.
Weekly Unemployment Claims filled the too cold category as the rose 24K, much higher than analysts had expected. The plus 484K reading is the highest level seen since the snowstorms in late February. Blame has been laid on Easter and Cesar Chavez day. Wonder what will happen to next week’s numbers since April 20th is National Cuckoo day.
Although this week's economic data was generally stronger than expected, it was overshadowed by solid demand for the Treasury auctions and intensified concerns about the economic situation in Greece, which helped mortgage markets. After reaching the highest levels since August, mortgage rates ended a little lower than where they ended last week.
Just a note as we head into the final hour of trading. After strength took us through the major down trend line, the market failed and made new lows (highest yield of the day) into the CBOT 10 year note futures close (2:00 pm cst).
Stronger than expected Employment data and the end of the Fed's MBS purchase program were negative for mortgage markets. Austin mortgage rates ended the week at the highest levels since January
We still feel that valuations are in nose bleed territory and if they roll over, a 10% correction could be in the cards. That would help mortgage pricing as well. Given all the possibilities and potential market moving data, best bet is to use the float down and lock your Austin mortgage rates.
A combination of factors was negative for mortgage markets this week, and Austin mortgage rates ended higher. Large budget deficits and economic troubles in smaller European Union nations made bonds less attractive to global investors.
There were no major surprises in the economic data or the Fed announcement this week. As a result, while volatility remained day to day, Austin mortgage rates ended nearly unchanged for the third straight week.
