Too cold, quiet market week, I’m staying home to watch college basketball!

  • January 22, 2014

coldtoonA quiet week in the bond market continues today. We were closed on Monday in observance of MLK Day, and yesterday there wasn’t a single market moving event on the economic calendar. Today, we had MBA Mortgage Application data, but tomorrow is the “big” day of the week with Jobless Claims, Existing Home Sales, and the FHFA House Price Index. We’ll just have to kill some time watching the east coast get pelted with another major snowstorm. Seriously, what is the deal Mother Nature?

  • Mortgage applications increased 4.7% from a week earlier according to the MBA. The Refinance Index increased 10% week over week. We’ve had some decent momentum in the bond market over the last week, leading to lower rates and payments. The MBA data reflects that consumers are taking advantage of the lower rate environment.
  • In case you haven’t heard (I’m sure you have since you are reading this entry): Quicken Loans and Warren Buffett are offering one BILLION dollars as a prize to the person that can correctly predict every game in the Men’s NCAA Basketball Tournament. Incredible payoff. Guess I’ll be watching a lot of college basketball between now and March.

By Jeremy VanBuskirk, Quicken Loans Capital Markets Analystcold001

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