Incline Village Home Loans, Incline Village Home Loan Rates, Incline Village Mortgage Loans, Incline Village Mortgage Rates and Incline Village Mortgage Loan Rates:
Current Price of FNMA 4.0% Bond: $102.66, +22bp
Mortgage Bonds are trading higher and Stocks are trading lower as the latter takes a breather from 7 consecutive higher closes.
In the take it with a grain of salt department…Weekly Initial Jobless Claims fell by a whopping 31K to 292K, well below the 327K expected. The 292K reading is the lowest since April of 2006. However, the Labor Department said that 2 states weren’t able to process all of the claims due to changes in their computer systems. We prefer not to read too much into this number and will consider it more in line after factoring in the errors.
The Fed is coming next Wednesday and Traders may start to position themselves ahead of what is starting to look like a taper announcement. Expectations are calling for a $10B tapering of purchases each month and in Treasuries only. Any larger announcement in the amount of tapering, which we are not expecting, could send Bond prices lower and yields higher.
The potential strike in Syria continues to ease as a diplomatic solution is attempted. Syria’s Assad agreed to cede control of its chemical weapons under international control with the help from Russia – this from Interfax news agency. This story is far from over and we are afraid we will be talking about this “diplomatic” solution for a very long time.
Over in the foreclosure front, RealtyTrac reported yesterday that foreclosure filings in the U.S. declined by 34% year-over-year in the month ended in August. The decline is due in part to an improving housing market, job creation and fewer troubled loans.