Todays Economic News 5-24-12
Updated Oct. 9, 2013
Kind of a peculiar day so far; the US bond market is weaker while the stock markets in Europe are rallying pushing US indexes higher. Making it peculiar is that economic data out of Europe was not good and at 8:30 US durable goods orders in April were not up to forecasts. Durables were up 0.2% but less than +0.3% expected,...

Todays economic news
Updated Oct. 9, 2013
Treasuries and mortgage markets opened better this morning on continued concerns that Greece will leave the euroalthough officials in the region are saying they are not preparing for a Greek exist. Nothing different in terms of various comments out of Europe, some say one thing while others deny. Nevertheless...

Todays Economic News 5-25-12
Updated Oct. 9, 2013
A little better start this morning but inter4est rates continue in a narrow range ahead of the 3 day holiday. With US markets closed on Monday and the rest of the world working, the bond and stock market should trade in a tight range with the bond market not likely to see a lot of selling today. The bond and mortgage...

Todays Economic News 5-30-12
Updated Oct. 9, 2013
A new record low for the 10 yr note this morning, at 1.67% at 8:30; stock indexes being crushed early on. Mortgage rates also at new record lows. Of course its all about Europe as has been the case now for well over a year; an index of executive and consumer sentiment in the 17-nation euro area fell to 90.6 from a revised 92.9...

Reverse Mortgage used for a Purchase
Updated Oct. 9, 2013
What is HECM for Purchase? HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage. What is the purpose of the program? The program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage...

Todays Economic News 5-29-12
Updated Oct. 9, 2013
This is employment week, always a big one for the markets. ADP will report its estimate for private jobs in May on Thursday then the BLS reports the "official;" report on Friday. In the meantime Europe still dominates overall, now Spain is taking the spotlight on concerns Spanish banks are teetering on the edge and...

Todays Economic News 5-31-12
Updated Oct. 9, 2013
Prior to 8:15 this morning the 10 yr and mortgage markets were slightly weaker in price. At 8:15 ADP reported its estimate for May private jobs, thought to be up 150K, increased 133K; the average for the first five months this year 123K. Not much reaction to the weaker data. At 8:30 weekly jobless claims were expected...

Todays Economic News 6-1-12
Updated Oct. 9, 2013
The May employment data has been a huge shock to the markets and the outlook for the economy. The unemployment rates increased to 8.2% frm 8.1% the past two months. Non-farm jobs were expected to be up about 150K, jobs increased just 69K and private jobs were thought to be up 168K, as reported up 82K. April non-farm jobs...

Todays economic news 6-4-12
Updated Oct. 9, 2013
Early activity this morning had the bond and mortgage markets trading lower after the explosive rally on Friday on the weak May employment report. The 10 yr note and 30 yr bond are falling in rate on increasing global moves to safety. Obviously Europe is leading the parade to safety as there is little progress in...

Today's Economic News 6-5-12
Updated Oct. 9, 2013
Very early this morning there was more strong selling in the treasury and mortgage markets, but by 9:00, although weaker most of the price declines come off their lows. Mixed picture out of Europe this morning; French and Spanish markets trading higher while Germany is lower, London closed again today...

Today's Economic news 6-6-12
Updated Oct. 9, 2013
Treasuries and mortgages started weaker this morning but managed to crawl back to unchanged by 8:45. Early this morning the DJIA futures traded up 114 points, by 8:45 up 64 points. At 8:30 revisions to Q1 productivity and unit labor costs; productivity was revised to -0.9% frm -0.5% reported on the advance report...

Today's Economic News 6-7-2012
Updated Oct. 9, 2013
Weekly jobless claims this morning were better than expected, at least on the headline; claims fell 12K to 377K against a decline of 4K expected, but last week's claims were revised higher. Claims last week were reported at 383K, today revised to 389K; continuing claims increased from 3.259 mil to 3.293 mil,...

Todays Economic News 6-11-12
Updated Oct. 9, 2013
Very early this morning the 10 yr note price traded down 10/32 at 1.66% but by 9:00 down -3/32 at 1.64% (the 10 hit 1.72% briefly on the news announcement); mortgage prices at 9:00 generally unchanged. Spain abandoned unilateral attempts to rescue its banks and became the fourth country in the 17-member currency...

Todays Economic News 6-12-12
Updated Oct. 9, 2013
Yesterday the stock market closed weaker, down 143 on the DJIA, the bond and mortgage markets rallied with mortgage prices gaining .37 bp and the 10 yr yield -6 bp to 1.58%. This morning the stock indexes started stronger, and as usual the bond and mortgage markets started weaker. If one market rallies the other...

Todays Economic News06-13-2012
Updated Oct. 9, 2013
Prior to 8:30 this morning the rate markets were a little weaker in price; the 10 yr note -6/32 at 1.68% and mortgage prices -3/32 (.09 bp). At 8:30 May retail sales were reported -0.2% about in line with forecasts, the core (ex auto sales) -0.4% weaker than thought. April retail sales was revised from +0.1% to -0.2%, April...

Todays Economic News 6-22-12
Updated Oct. 9, 2013
Treasuries and mortgages opened slightly weaker this morning with stock indexes a little better early on after the DJIA dropped 251 points yesterday. There are no data releases today and being Friday markets are likely to be rather mundane through the day. Late yesterday afternoon Moody's lowered credit...

Todays Economic News 6-20-12
Updated Oct. 9, 2013
Treasuries and mortgages opened weaker this morning ahead of the FOMC statement at 12:30 this afternoon. The consensus is that the Fed will extend Operation Twist at the meeting. The view of more buying at the long end while selling short maturities has grown rapidly this week so it's likely that the Fed will...

Todays Economic News 6-21-20
Updated Oct. 9, 2013
Weekly unemployment claims at 8:30 were essentially unchanged at 387K -2K from last week. Last week's claims were revised from 386K to 389K, the fourth week in a row claims have been revised higher from what was originally reported. Continuing clams were unchanged at 3.299 mil. The 4 week average increased...

Todays Economic News 6-26-2012
Updated Oct. 9, 2013
Treasuries and mortgages improved yesterday as the stock market declined; today, as has been the case recently, after a day of improvement in the bond markets prices are weaker. The stock indexes are better this morning, both markets are in tight narrow ranges for the last three weeks. The Case/Shiller April...

Todays Economic news 6-27-12
Updated Oct. 9, 2013
The bond and mortgage markets continue to trade quietly with little change this week ahead of the EU summit beginning tomorrow. The stock indexes a little better early on as May durable goods orders were better than thought. Durables up 1.1% with forecasts of +0.5%; ex the volatile transportation orders up 0.4%,...