Today is the last day of the 2nd quarter and the DOW is on pace to have its worse month of June since 1930. A new oil intraday high of $143.57 just hit as well. I just heard those stats and thought I should share.
This is my first update in a week, I was in training most of last week and had limited computer access. Mortgage Bonds did rally last week after the Fed changed their policy statement preparing themselves to act if inflation worries continue. Personal Consumption Expenditure was released Friday as well and the Core PCE which does not count food and energy was lower than expected estimated 0.2% and the actual was 0.1%; meaning inflation for now is in check. Bonds closed at their high on Friday above 2 levels of resistance and are up 6 bps today. Rates will be better this morning.
There is a lot of data to be released this week and being a short summer holiday week we should see a great deal of volatility. When trading volume is down, volatility increases.
945am today the Chicago PMI, officially known as the Business Barometer, will be released. The key number is 50, a number higher / lower of that equals an expansion / contraction of the Chicago manufacturing sector which is an overall indicator of the national economy.
The above Mortgage Market Update information was provided by Bryan Flynn of Wells Fargo Home Mortgage. Bryan can be reached at Bryan.K.Flynn@wellsfargo.com or by phone at 508.363.2223. Bryan has worked in the Central Mass and Worcester area for the past 6 years as a mortgage loan officer.
More than likely, this is one of the largest and most important financial transactions you will ever make. I have a desire to help people out and love my job. You might need a mortgage only four or five times in your entire life... but I do them every single day. It's your home and your future. It's my profession and my passion. I'm ready to work for your best interest.