Mortgage rates remained flat Friday. The market saw more volatility than the previous week, however any potential long term moves hinge on the government reopening for business. Investors are eager to see the employment report compiled prior to the shutdown, however it still has not been released. Thursday is the big news day with Jobless Claims and the Philadelphia Fed Survey still scheduled to be released.
Treasuries are up again this week as analysts fear next week’s reports will show signs of the economy slowing. The 10-year treasury yield is within 4 basis points of a record low, and money keeps being pushed into mortgage backed securities.
What’s Up on Wall Street?
All three major indexes saw gains yesterday, marking back-to-back days of positivity from Wall Street. The Dow Jones Industrial Averaged jumped 34.66 points (0.37%), while the S&P 500 climbed 3.73 points (0.27%). For the second day in a row, the Nasdaq Composite saw the biggest gains and jumped 23.30 points (0.79%). Will the Dow kiss the 13,000-point line again today? Stay tuned!