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Aug 21 2014, 09:34AM MT
Today's Interest Rate News
August 21, 2014; 9:41am
Interest rate trends: Today – Flat; 10 days – Flat; 25 days – Flat
Interest rate recommendation: Locking bias.
Mortgage bonds (MBS’s) are flat to slightly better, even in the face of better than expected economic news. Jobless claims came in at 298k vs. 311k prior and 300k expected. Philly Fed Business index came in at 28.0 vs. 19.2 expected and 23.9 prior. Existing home sales in July came in at 5.15m, 5.02m was expected and 5.04 was prior. Within the reports it’s not as rosy and thus MBS’s are maintaining some gains instead of losing. Fed’s Williams is saying still no convincing signs of higher wage growth and a Fed rate hike in middle 2015 seems reasonable. Even with MBS’s flat to slightly better, we will maintain our locking bias short term and feel rates will stay low for another 6 months at least. Have a great day.
Phone: 800-706-6648 | Fax: 800-660-9110
Great American Lending LLC (NMLS# 201546) | 845 E. 3450 N., North Ogden, Utah 84414