Treasuries and mortgages opened slightly better this morning after two hard days of price declines and increased yields. At 9:00 the 10 yr +3/32 at 3.54% -1 BP, mtg prices +3/32, the DJIA futures +6 points. At 9:30 the DJIA opened +45, the 10 yr at 9:30 +4/32 and mortgage prices +3/32.
At 9:00 the Case/Shiller home price index for August was expected to be down 11.90% yr/yr, improved 1.2% to -11.3% yr/yr for the 20 largest markets. It was the 4th month in a row prices have improved but still not much. Better than expected but not as good as the improvement seen in July. Some news sources have basically stated it is a sign the housing markets are stabilizing. A step in the right direction? Could be a worrisome problem since much of the improvement is due to the FTHB tax credit that is scheduled to run out at the end of Nov. Will the President extend the tax credit? We’ll see.
At 10:00 Sept consumer confidence from the Conference Board, expected at 53.5 frm a revised 53.4 (frm 53.1) in Sept, was weaker at 47.7. Not good but still not a major surprise. The result took the stock market lower and added a bid in the rate markets.
At 1:00 this afternoon $44B of 2 yr notes are up for sale by Treasury; the first of three consecutive auctions raising $116B.
Market Minute information for October 27, 2009 provided by:
 Patsy Bailey Mortgage Banker |
 4801 Lang Ave NE Suite 100 Albuquerque, NM 87109 4001 Office Court Ste 603 Sante Fe, NM 87507 Cell: 505.715.3231 Office: 505.473.4045 ext.109 E-mail: patsybailey13@gmail.com |
Equal Housing Opportunity
For more information on home financing, visit my Albuquerque Mortgage Page.
