Mortgage Minute: Economy on Pause

Mortgage rates get a little bump better today from Mondays big jump higher.

To watch the video click here: http://summitmortgageminute.com/?p=311

The stock market closed down on the day while mortgage backed securities finished the day unchanged. Over the last couple of days we have seen a bit of an improvement in interest rates since the big drop on Monday going into the Fed meeting.

Tomorrow promises to be yet another volatile day for mortgage bonds as the "Jobs" report will be released. The expectation is 185,000 new jobs created, and I feel that might just be a bit of a lofty goal. That combined with the comments from the Fed meeting that came out on Wed. stating that the economy is on "Pause". I think that shows that there is a continued need for the Fed to buy mortgage bonds and continue the third round of Quantitative Easing or QE3. So I am going to recommend to cautiously float here into the jobs report tomorrow. 

Rob McNelis
Loan Officer - NMLS# 830519
Direct: 619.279.6162

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