6/29/16

6/29/16

June 29th, 2016

When the price of Mortgage Backed Securities (MBS) on the above chart above goes up mortgage rates come down.  When the price goes down mortgage rates go up.

Chart was posted at 10:34 am et

Below is the news when it happened and market reaction.  All of the times below are Eastern Standard Time

10:32 AM New Rates have been posted http://www.johnmarbury.com/page5.html/

Wed, Jun 29 10:05 AM - May Pending Home Sales -3.7% vs the -1.4% expected and could be somewhat attributed towards a low supply of homes for sale.
Wed, Jun 29 9:59 AM - The MBA reports the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) dropped to its lowest level since May 2013, falling to 3.75% from 3.76% the previous week.
Wed, Jun 29 9:31 AM - Dow +150 points at the open.
Wed, Jun 29 9:13 AM - The terrorist bombings at the Istanbul airport leaves at least 41 dead and 150 wounded.
Wed, Jun 29 9:05 AM - MBS continue to trade near unchanged, while Stock futures edge higher after the post-Brexit sell-off.
Wed, Jun 29 9:03 AM - The MBAs refinance -2%, purchase index -3%.
Wed, Jun 29 9:02 AM - The MBAs Market Composite Index, a measure of total mortgage application volume, fell 2.6% in the week ended June 24.
Wed, Jun 29 8:43 AM - Investors are now pinning hopes that central banks around the globe will ease monetary policy to weather the storm as Britain and the EU chalk out the next steps for the country's exit from the trading bloc.
Wed, Jun 29 8:39 AM - The 8:30 economic data had little impact on the markets.
Wed, Jun 29 8:35 AM - The May Core PCE inflation rate, 0.2%, inline.
Wed, Jun 29 8:33 AM - May Personal Income +0.2% vs 0.3% expected, Spending +0.4% vs 0.3% expected.
Wed, Jun 29 8:27 AM - Stock futures higher as Brexit fears ebb.
Wed, Jun 29 8:24 AM - U.S. dollar index edges lower to 95.91, -0.39.
Wed, Jun 29 8:23 AM - German 10-yr Bund yield -0.11%.
Wed, Jun 29 8:22 AM -WTI oil at $48.26/barrel +$0.41.
Wed, Jun 29 8:21 AM - 10-yr T Note yield 1.46%, nearly unchanged since the big Stock rally began Tuesday.
Wed, Jun 29 8:16 AM - Personal Income & Spending, Core PCE (8:30), Pending Home Sales (10).
Wed, Jun 29 8:15 AM - MBS open near unchanged, despite S&P futures pointing towards a higher open. Dow futures +100 points.

Contact

John Marbury
jmarbury@nationalbankofcommerce.com
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Birmingham, Alabama 35209
 

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