Knockout Punch

  • November 12, 2013

Trading Desk knockoutThe market was unable to slip the jab the Employment Report delivered; we didn’t even get a chance to counterpunch. The market was closed yesterday in observance of Veteran’s Day. We needed to work on our bob and weave before our next match anyway.

  • Good news, your mortgage rates stayed the same. Bad news, rates increased significantly Friday. The zero point rate increased to 4.625% costing .625 points.
  • Today mortgage rates recovered slightly, however not enough to move the zero point rate, which stands at 4.625% but it only costs .125 points today. We need to get more investors to buy tickets to our fight.
  • The Atlanta President of the Federal Bank was quoted this afternoon stating the economy still needs strong support. However, he mentioned the stimulus tools used to provide that support may change in the coming months. It appears he is in our corner, hand me a towel.
  • Our next opponent, or maybe supporter, Janet Yellen will start to defend her nomination and current economic policy on Thursday. That could be a good fight, it’s free on CSPAN.

Tomorrow is another quiet day in economic news; so no sucker punches should be coming our way….hopefully.

By Lindsey Fediuk, Quicken Loans Capital Markets Analyst

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