Wow!
What a day it has been so far.
Mortgage Bonds dropped sharply this morning and Stocks moved higher, after the Labor Department's Job Report came in better than economists expected and at the smallest loss since August. In addition, Unemployment dropped to 9.4%, from the prior month's reading of 9.5%--breaking a streak of 9 straight monthly increases.
While the report doesn't bode well for Mortgage Bonds in the short term, it is good news for the economy since it may be a sign that the worst recession in our lifetime could be ending.
Currently, Bond prices have dropped near session lows. Therefore I recommend locking at this time, if you haven't done so already and have a closing scheduled within the next 30 days. I will continue to monitor the situation throughout the day and certainly keep you posted of any major changes.
In the meantime, I hope you have a great rest of your day and a wonderful weekend ahead. If there is ever anything that I can do for you, please let me know.
Friday, August 7, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment