Mortgage bond price finished the week lower which pushed rates higher and stock volatility dominated headlines. Higher stock put selling pressure on mortgage bonds Tuesdays when trading resumed after the extended holiday weekend.
Weekly job claims were 275k as expected. The core, which excludes volatile food and energy, rose 0.3% versus the expected 0.1% increase.
Fed Turning Point:
In 2008 the world was quaking, the federal reserve came to the rescue of the global banking and financial system. Through a series of rate cuts and bind buying sprees, the governing body kept the financial system from imploding. Seven years later most of the metrics the FED is worried about have healed and it is time to move the next chapter.
Global traders will stay awake this fall and winter guessing when the FED will make it first move to tighten interest rates. Floating borrowers and referral source need to understand how the important the FED meeting are in terms of potential volatility.
We may not see a rate hike at the meeting this week but volatility is likely and the mortgage rates finished the week worse by about 1/8 of a discount point.
Written By: Chakits Krulsawat
Author:Chakits Krulsawat Phone: 702-319-1092 Dated: October 8th 2015 Views: 319 About Chakits: ...
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