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Jul 30 2014, 09:46AM MT
Today's Interest Rate News
July 30, 2014; 10:02am
Interest rate trends: Today – Higher; 10 days – Flat; 25 days – Flat
Interest rate recommendation: Locking bias.
Mortgage bonds (MBS’s) are taking a hit this morning and interest rates have worsened slightly due to a large rise in GDP for Q2. Q1 was revised from -2.9% to a -2.1%, but Q2 came in at +4%. MBS’s are currently worse by -43bps. ADP employment report came in at 218k jobs created, all eyes are on Friday’s government Jobs Report where 220k jobs created in July is expected. Today we will still hear the Fed Statement after the FOMC meeting concludes. This statement can highly influence interest rates as well. We are expecting the Fed to state they are continuing the QE tapering by 10B, but some are thinking due to today’s substantial uptick in GDP, the Fed might increase the tapering. On short term transactions we are locking, loans that are closing within the next week. On loans still out a few weeks, floating albeit risky has some reason for merit. 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