YOUR Mortgage Minute -- November 4, 2009

Good Morning,

Stocks are rallying higher this morning. Although this would normally add selling pressure to Bonds, Bonds are starting the day near unchanged levels and have actaully fared better as of the latest news today.

Yesterday, the Fed issued its Policy Statement without any big changes or surprises. In today's news, Initial Jobless Claims was reported lower than expected and at the lowest reading since the first week of 2009. Continuing Claims also dropped, but this is likely due to benefits expiring rather than people finding jobs.

Despite today's better-than-expected numbers, tomorrow's official Jobs Report will probably indicate continued weakness in the labor market, with the unemployment rate likely nearing 10%. Bonds are currently holding their own; therefore, I recommend floating as we await tomorrow's report. Have a great day! If there is ever anything that I can do for you, please let me know.

YOUR Mortgage Minute --November 4, 2009

Good Afternoon,

It's Fed Day and that means the Fed will release its decision on interest rates and its current Policy Statement later this afternoon. The Fed is expected to leave the Fed Funds Rate unchanged; however, it may offer comments or clues on future rate hikes or inflation concerns.

In other news, the House of Representatives approved legislation that would extend and expand the $8,000 tax credit for first-time homebuyers. While there is more work to be done, a bill may reach President Obama for his signature by the end of this week. I will continue to monitor this situation to see if you may be able to benefit from the bill once it's finalized.

For now, I recommend floating. But be prepared to lock if the Fed's announcement this afternoon adds volatility to the markets. As always, I will let you know if a change of course is needed. In the meantime, I hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.

YOUR Mortgage Minute -- November 3, 2009

Good Morning,

Happy election day! I hope you have an opportunity to exercise your right to vote today in the community where you live.

In the Markets today, Mortgage Bonds are near unchanged this morning, as they sit just below a ceiling of resistance at the 25-Day Moving Average.

There are no economic reports today. However, the Fed kicks off its two-day Federal Open Market Committee meeting with a statement to be released tomorrow afternoon. The markets will be listening closely tomorrow to see if the Fed hints at when they'll remove the mortgage rate friendly policy or begin hiking rates.

For now, I recommend floating. I will continue to monitor the markets throughout the day and keep you posted on any major developments. In the meantime, I hope you enjoy your day, get out to vote if you are able to do so in your community and if there is ever anything that I can do for you, please let me know.

YOUR Mortgage Minute -- November 02, 2009

Good Afternoon,

I hope that your week is off to a terrific start. Mortgage Bonds opened the week near an important technical level while Stocks have been improving throughout the day.

There are no Treasury auctions this week but there are several important potential market movers, including the Fed Meeting and Monetary Policy Statement on Wednesday, the Jobs Report with unemployment rate figures on Friday, and an expected final vote on the extension and expansion of the first-time homebuyer tax credit.

I recommend floating for now, but I will let you know if the news of the day or technical factors require a change of course. I hope you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.

YOUR Mortgage Minute -- October 30, 2009

Good Morning,

I hope that your Friday is off to a terrific start. In the Markets today, Mortgage Bonds are trading higher this morning, now that the weight of the Treasury Department's record $123 Billion in auctions are behind us.

In the news, Personal Income was reported unchanged in September, while Consumer Spending fell 0.5%. Also this morning, some encouraging news came from the Chicago PMI and the Michigan Consumer Sentiment, which both came in better than expectations with mildly positive numbers.

Currently, Bond prices are trading just below the 25-Day Moving Average. I recommend floating for now. I will continue to monitor the market throughout the day and keep you informed of any major developments. I hope you enjoy your day and have a great weekend ahead too -- Happy Halloween! If there is ever anything I can do for you, please let me know.

YOUR Mortgage Minute -- October 26, 2009

Good Afternoon,

I hope your Monday is going well for you. 35 days remain in the First Time Home Buyer Tax Credit -- its getting down to crunch time!

In the markets, Mortgage Bonds were lower this morning, following through on Friday's weakness and responding to a move higher in Stocks. While Stocks are higher due to good earnings reports, it is important to understand that positive earnings numbers gained by cutting jobs are not really positive for the economy, nor are these gains sustainable.

There are no economic reports set for release today, but later this week we’ll have reports on housing, consumer demand, economic growth, inflation and the labor market. In addition, there will be more Treasury auctions later this week as well.

The Fed’s Treasury buyback program comes to an end on Thursday. Without the Fed buying support helping to provide demand to sop up some of the massive supply…rates will continue to edge higher back to more "historically normal" levels.

Bonds have fallen below two support levels. I recommend carefully floating, but should Bonds drop lower I will let you know if we need to lock. In the meatime, I hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.

YOUR Mortgage Minute -- October 22, 2009

Good Morning,

I hope that your Thursday is treating you well. Here in Central Iowa its a rainy, cool day, fairly typical for October. In the Markets, Mortgage Bonds are lower this morning, but are fighting to stay above a dual layer of support at the 50- and 200-day Moving Averages.

In the news, Initial Jobless Claims rose more than expected. In addition, the number of individuals continuing to receive unemployment benefits fell to the lowest level since March, but this is likely the result of people’s unemployment benefits expiring, without them having been able to find jobs.

For now, we can certainly continue to float as the Bond hovers near support. But things may change quickly due to the Treasury Department’s announcement of next week’s auctions, which could be in record amounts! The large treasury auctions are a reality check that as consumers we have to pay back all the stimulus and spending dollars poured out over the past year and a half. If anything changes, I will certainly let you know. In the meantime, if there is ever anything that I can do for you, please let me know.