Will we break 20,000? Yes

January 25th, 2017

Article 10:39 AM: After more than a month of flirting with the barrier — which is far more important psychologically and sociologically than it is in terms of stock valuations — the latest market leg higher has put the blue chip index over 20,000.

https://finance.yahoo.com/news/dow-20000-143012064.html

 

 

Article 9:21 AM: LONDON, Jan 25 (Reuters) - World stocks hit a 19-month high on Wednesday, lifted by strong Japanese trade data, stellar European company earnings and hopes that U.S. President Donald Trump will press ahead with a large fiscal spending package.

 

http://finance.yahoo.com/news/global-markets-reignited-trump-trades-092345380.html

 

What Is Going On With Interest Rates?  #wigowir

Below is the news when it happened and the market’s reaction.  For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time.  When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.

1:51 PM  3.5% Fannie Mae 30-yr coupon down 37bp at a price of 101.69 down 19 bp when rates were set today at 10:00 am Open 102.00 High 102.00 Low 101.69

1:10 PM Weak auction results put Mortgage Bonds on shaky ground. The $34B 50-year Note auction garners a "D" rating.

1:04 PM Alert To Lock! MBS at session lows.

12:32 PM MBS now at session lows. The Dow at 20,060. 10-yr yield edges higher to 2.51%.

10:54 AM FHFA House Price Index +0.5% in November from October, +6.1% from November 2015.

10:08 AM MBS above session lows.

9:30 AM The Dow trades above the 20,000 mark, now at 20,027.

 

9:23 AM 3.5% Fannie Mae 30-yr coupon down 12bp at a price of 101.94 down 31 bp when rates were set yesterday at 10:00 am Open 102.00 High 102.00 Low 101.88

9:00 AM The Treasury will sell $34B 5-yr Notes, results at 1:00 p.m. ET and comes after yesterday's decent demand for the 2-yr offering.

8:57 AM The New York Fed will purchase up to $1.725B in Fannie/Freddie 30-yr 3.5 and 4s beginning at 2:00 p.m. ET.

8:50 AM The Fannie Mae 30-yr 3.5% coupon rests on support at 101.94.

8:49 AM There are no economic reports due for release today.

8:30 AM The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,000) increased to 4.28% from 4.22%.

8:29 AM The MBA reports that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,000 or less) increased to 4.35% from 4.27%.

8:27 AM The MBAs refinance index was near unchanged, purchase index +6%.

8:26 AM The MBA reports that its Market Composite Index, a measure of total mortgage loan application volume, rose 4% in the latest week.

8:24 AM WTI oil $52.68/barrel, -$0.50.

8:22 AM U.S. dollar index 100.01, -0.32.

8:18 AM 10-yr T Note yield 2.48% from yesterday's close of 2.47%.

8:14 AM Bond prices edge lower as the Dow looks to hit the 20,000 mark in today's session as the Trump rally resumes. The S&P (2,280) and the Nasdaq (5,600) closed at record high levels yesterday. The Dow closed at 19,912.

Johnmarbury.com has attempted to verify the information contained on this post.  However any aspect of such may change without notice.  Johnmarbury.com does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. On October 5th we started posting our rates and leaving them on the site for you to refer back to. This will allow  you see where actual rates have been along with the news that caused the fluctuations on the rate sheet.  I ask that you forgive my spelling and grammatical mistakes. This is due writing skills that are lacking and the need to communicate quickly.  Most of the information posted on this blog along with the charts and indexes are available all during the day to the subscrbers of www.themortgagemarketguide.com  The cost of subscription is very reasonable.

 

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