Happy Tuesday morning. It should be at least for those who may be considering locking a conventional loan. The benchmark FNMA 3.0 bond is up 36 basis points after the significant beatdown it took on Friday. It is 9 basis points off its high and 4 basis points below the 1st level of resistance. The GNMA bond is lagging behind - only up 8 basis points as of this writing.
My economic calendar must have had a glitch on Friday because I believe I reported that there was no data until Wednesday or Thursday. There was some data today but it's not important relative to pricing. The NAHB Housing Market Index came in at 57 vs. expectations of 58 - anything over 50 shows growth. Here's a snapshot of the mortgage bond chart:
On tab for this week: This is just a quick report today since I need to get on the road up to Salt Lake. I'll try to get a report or two out while I'm up there but I met not be able to write one until I get back on Friday. For now, rates are great and I would feel good about locking. Tomorrow we have Housing Starts and Building Permits, both of which are expected to come in higher than last month. Remember that Thursday brings the jobless claims numbers and we may see more layoffs of the temporary seasonal workers but we also may get a surprise to the upside. Me being conservative as I am, I'd lock ahead of this report.
At any rate (pun always intended), make it a great day and a great week and please feel free to contact me (702-812-1214) if I can help in any way with a mortgage, pre-approval or whatever.