Premiere Mortgage Services Inc. - Dana Bain

Important Mortgage Update:
Commentary & News: 
1pm et

Mortgage bond prices are falling this afternoon putting upward pressure on rates. 

There is talk this afternoon of Greece requesting a bailout extension by tomorrow. This is counter to earlier talk of Greece eventually exiting the euro zone. 

Newswires talked about recent comments from the Cleveland Fed President calling for summer rate hikes as a "viable option." Many Fed officials are lobbying for the Fed to remove "patient" from thier forward guidance. Anytime you have Fed officials talking about rate hikes the market gets more than a little jittery. 

Mortgage bond prices were near unchanged to slightly positive this morning but failed to erase the losses from Friday afternoon. 

There was no data first thing this morning. The NAHB Housing Market Index was 55 versus the expected 57. Unfortunately there was no immediate positive reaction to the weaker data.

Overnight newswires focused on the increased chance of Greece exiting the euro zone. It looked like there would be some selling pressure on euro zone debt but that didn't emerge like it could have. 

Wednesday and Thursday are likely to be volatile with several significant economic releases including the producer price index, industrial production, capacity use, Fed minutes, jobless claims, Philadelphia Fed, and leading economic indicators. 

Posted in:mortgage rates
Posted by Dana Bain on February 17th, 2015 3:53 PM

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