Market Update – New Home Sales Expected to Increase

The market is slightly down this morning. Some of the key economic releases this week include today’s new home sales report which is expected increase. On Tuesday, another housing report will be released and the Treasury will begin their weekly auctions. They will be auctioning a total of $104 billion of securities this week. Also, there are a lot more earnings releases slated for the week including the GDP report.

...Read Full Story

Market Update – Bernanke "Unusually Uncertain" on Economic Outlook

Yesterday, treasuries and mortgages rallied as the Fed remains prepared to act as needed to aid economic growth. Bernanke used the term, “unusually uncertain” to describe the economic outlook. Traditionally, the FOMC would cut rates but with the Fed Funds rate at or near zero, he outlined how they could lower the amount interest paid on bank reserves, pushing money back into the economy via banks. Mortgages are selling off this morning on better than expected home sales data (-9.9% was expected, -5.1% was actual).

...Read Full Story

Market Update – Bernanke to Testify to Senate Banking Committee

The market is relatively flat this morning ahead of Bernanke’s testimony to the Senate Banking Committee today. It is expected that Bernanke will be reiterating that rates will remain low for a while. In terms of economic releases, MBA’s mortgage application index came in higher at 7.6%, being that record low rates have boosted refinancing.

...Read Full Story