Back To Business…

  • December 26, 2013

JVBtoonThe bond market resumed business this morning following an early close on Tuesday and a full close yesterday. This morning’s jobless claim data came through better than expected and prompted investors to sell bonds, however due to thinner trade desks, light trading meant mortgage prices and rates did not move much. Tomorrow looks like another light day on the economic calendar. Here are a couple bullets highlighting the last few days in the market:

  • Though we have entered a rising rate environment, which continues to put some urgency on refinancing if you haven’t already, we haven’t seen that put a huge dent in the housing recovery. New Home Sales in November 2013 came in 16% higher than New Home Sales in November 2012.
  • Weekly U.S. Initial Jobless Claims decreased week over week falling from a revised 380k to 338k. While there may be some volatility in these numbers due to the holiday season, the values do support the expectation that economic growth will accelerate next year.
  • Speaking of the holiday season, holiday retail sales rose in November and December which is more fuel on the fire of an improving economy.

By Jeremy VanBuskirk, Quicken Loans Capital Markets Analyst

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