Another crazy day in this economy....the PPI was hotter than expected this morning which means inflation and the Retail Sales number missed. The core PPI which takes out food and energy was slightly better than expected which is some positive upside, but really food and energy is an obvious concern. Mortgage Bonds had a nice run up yesterday after their big brother, our government, backed Fannie Mae and Freddie Mac which confirms these companies are just too big to fail.
Stocks look to open down this morning as GM halted their dividend. Technically bonds closed between the 50 and 100 day moving average but are giving back some of yesterday's upside as they are down 16 bps this morning. The dollar hit a record low against the euro this morning as well. Look for volatility today as Bernanke speaks before Congress.
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.