Bryan Flynn's Central Massachusetts Mortgage Blog

head_left_image

Mortgage Rate Update for June 2nd, 2008

Mortgage bonds are up 22 bps this morning.  After the selloff Friday afternoon, pricing should be right inline with the Friday morning rate sheets.  Just 9 bps higher and bonds hit the strong resistance level at the 200 day moving average.  Wait and see what rates do after the ISM number is released this morning at 10am.

The ISM is released on the 1st business day of each month reflecting the manufacturing industry for the previous month.  Its a survey of purchasing executives at roughly 300 industrial companies.  A number above 50 show expansion and below 50 contraction.

Last month's number was 48.6 and it is estimated this month to be 48.  Stay tuned...as it is a market mover.

 Update 1040am:  ISM came out at 49.6 better than expect but doesn't seem to be enough to break through the 200 day MA

Comment balloon 1 commentBryan Flynn • June 02 2008 07:43AM

Comments

Well I am keeping my fingers crossed that June's Report will show more improvement. Although the report says the manufacturing sector failed to grow in May it did say ISM's Production Index increased (even just a little is hopeful) Thank you for posting a great informative blog.

Posted by Dione Sage (Nova Home Loans) over 10 years ago

Participate