Market Update
Mortgage Bonds are trading slightly higher this morning after some weaker than expected economic reports. For instance, Consumer Confidence for September was reported at 99.8, which is lower than expectations of 104.5 and is the lowest level since November 2005.
In addition, Existing Home Sales for August were reported at 5.50 million units, essentially in line with expectations. However, the inventory for single-family homes represents a 9.8-month supply, the most since 1989. Technically, Bonds are sitting near the 200-day Moving Average. So for now, I will maintain a Neutral stance with a bias towards Locking, as the Bond fights the 200-day Moving Average.
In addition, Existing Home Sales for August were reported at 5.50 million units, essentially in line with expectations. However, the inventory for single-family homes represents a 9.8-month supply, the most since 1989. Technically, Bonds are sitting near the 200-day Moving Average. So for now, I will maintain a Neutral stance with a bias towards Locking, as the Bond fights the 200-day Moving Average.
posted by Capital Financial Network at 9:57 AM
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