Market Update – GDP Report Shows Slowed Growth

Mortgages are up significantly this morning following Fed Bank President Bullard’s comments yesterday and this morning’s GDP release. Yesterday, Bullard expressed concern on a weak economy and suggested that the central bank should resume purchases of Treasury securities of prices fall (deflation). The GDP report showed that economic growth slowed last quarter which further added to signs that our recovery is slowing.

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Market Update – S&P 500 Results Higher Than Estimates

Yesterday, mortgage prices moved higher after a strong 5-year auction. Over 80 percent of companies in the S&P 500 have reported second-quarter results higher than analyst estimates, moving 10-year treasury prices lower while mortgage bonds have stayed relatively flat. Today, mortgages are slightly lower from yesterday’s close before the sale of $29 billion 7-year notes, the last of three note auctions this week.

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Market Update – Treasuries Up After News of Recovery Slowing

U.S. treasuries were up this morning on speculation that the Federal Reserve’s Beige Book report will show that the U.S. recovery is slowing, which is pushing expectations that rates will stay low fom some time. Durable goods orders came in a little worse than expected and this is the second consecutive monthly decrease. Also, we have a $37 billion 5-year auction today at 1 p.m.

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