Quiet start to the week as stocks trade higher on grand expectations for Apple and others while bonds, notes, and MBS are treading water near unchanged. The week ahead will be a busy one from the data front starting today (1:00 pm cst) with the NAHB Housing Index. PPI, inflation at the wholesale level will be tomorrow’s headliner followed by New Residential Construction. Wednesday’s “Beige Book” will provide a look at how each of the Fed’s 12 districts are doing (economy, employment, etc.) followed by Weekly Claims, Leading Economic Indicators, and FHFA House Price Index on Thursday. Friday will clean up the week with Existing Home Sales. Technically, the market found a bottom last week and has now moved into the center of the range. With most chart time frames in harmony, the future of interest rates will most likely follow the stock market’s lead. We’ll stick with our neutral call, keeping one eye on a stock chart and the other on MBS.
We’ll stick with our neutral call, keeping one eye on a stock chart and the other on MBS
October 19, 2009|Austin Mortgage Market|
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