Good Afternoon,
After a couple of weeks away for a summer vacation with family and playing catch up upon my return, I am back at it. It is still a fabulous time to buy or refinance in today's market. If you would like to know if you are "in the money" for that, please feel free to reach out to me. I would be glad to assist you or someone you know with a free review.
Now, on to the news of the day...In the Markets today, Mortgage Bonds have regained a bit of the ground lost yesterday. Bond prices took a hit in early trading when first-time unemployment claims came in below expectations and the lowest level since January. However, they have since improved into positive territory.
In other news, the Philly Fed Manufacturing Index came in slightly worse than anticipated, indicating that manufacturing continues its trend of contraction that began in September 2008. JPMorgan Chase also made news when it reported a 36% jump in profits for the second quarter, which beat Wall Street estimates. Finally, important foreclosure numbers this morning showed a 15% jump in 2009 versus this same time last year.
I recommend floating for now, as Mortgage Bonds snap back after losing 170 basis points in the past three days. But be prepared to lock if the situation changes. Certainly, I will keep you posted if anything warrants immediate attention.
In the meantime, I hope that you have a great rest of your Thursday. If there is ever anything that I can do for you, please let me know.
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