New Years Eve Edition…

  • December 31, 2013

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The daily market commentary is getting released early today, since the bond market closed at 2:00 p.m. EST in observance of the New Year holiday. The market is closed tomorrow and then we are back in action on Thursday. Today saw the release of a couple key economic reports. First, the Chicago Purchasing Manager hit the wire, but did not match expectations. The bigger event however was the Consumer Confidence Index which was released at 10 a.m. EST and came in a little bit better than expected. This led to bond pricing to get worse and in turn mortgage rates and prices took a slight hit through the day. Highlights from today:

  • The S&P/Case-Shiller monthly Home Price Index was released for October. The report showed that <a href=”https://dev-qlpr.pantheonsite.io/2013/market-update-decembers-case-shiller-report-continues-growth” target=”_self”>home prices increased</a> again. As home prices improve borrowers who are or were once underwater see their financial situation improve – which in turn helps the economy.
  • Consumer Confidence actually jumped the most we have seen in six months, beating expectations. Speculation persists that as the economy improves the need for large scale asset purchases lessens, and fuels belief that the Federal Reserve will speed up their timeline for slowing mortgage backed securities purchasing.
  • It’s been too quiet around here for the last couple of weeks. While it has allowed me to get things done that I do not normally have time in the day for, I’m excited to get back to normalcy on Thursday. Have a safe and Happy New Year

By Jeremy VanBuskirk, Quicken Loans Capital Markets Analyst

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