Good Morning,
Last week went by with such a flurry -- we are now down to a precious 42 days in the rush to take advantage of the $8,000 First Time Home Buyer Tax Credit. There is still time to accomplish this goal, but the days are starting to get shorter. if you or some you care about is in the market for this opportunity, please make sure to touch base with a local real estate professional in your area who can help you get through this.
On to the news of the day ... after a wild run last week, Mortgage Bonds are starting the week on the quiet side. With no economic reports due for release today, Bonds will likely react to action in Stocks as well as a speech by Fed Chairman Bernanke later this morning.
Stocks are attempting to maintain a rally, fueled by optimism that 3rd Quarter Corporate earnings will continue to exceed expectations. So far, 61 companies from within the S&P 500 have reported earnings, with 79% beating expectations. It is worth noting that 61 companies is a small sampling of the 500 due to report - additionally the expectations for the earnings have been pretty low. So essentially, it is a matter of perspective, but in this market baby steps of improvement in corporate earnings signal higher trends in Mortgage Rates soon.
After last week’s decline, Bonds are now trying to stabilize and hold their ground above a key support level. I recommend Floating, but I will alert you should sentiment change. In the meantime, I truly hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
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