Tuesday

May 2nd, 2017

Commentary at the close: MBS opened slightly lower but ended with decent gains at the close of trading as oil drifted lower, which could lead to tame inflation. The Bond closed at 102.81, +16bp. The Dow was up 36.43 points to 20,949.89, the NASDAQ saw a meager gain of 3.76 points to 6,095.36, while the S&P gained 2.84 points to end at 2,391.17. WTI oil was last seen at $47.98/barrel, -$0.87. 10-yr yield 2.28%. Tomorrow's economic data includes April ADP Private Payrolls Report and April ISM Services. The Fed's monetary policy statement will be released at 2:00 p.m. ET.

 

 

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.

Tue, May 02 1:14 PM At midday, MBS edge higher. Stocks slightly higher. 10-yr yield 2.30%.
Tue, May 02 11:25 AM MBS push to session highs, though the gains are modest.
Tue, May 02 11:14 AM MBS holding slim gains trading in a tight range. S&P flat.
Tue, May 02 10:35 AM Small businesses hired fewer workers in April but gave their employees raises. 
Tue, May 02 9:47 AM The S&P edges into negative territory.
Tue, May 02 9:31 AM The Dow, S&P and the NASDAQ all open modestly higher.
Tue, May 02 8:45 AM Apple will report quarterly earnings after the close of trading.
Tue, May 02 8:44 AM The two-day FOMC meeting kicks off today with the monetary policy statement being released at 2:00 p.m. ET tomorrow.
Tue, May 02 8:42 AM
The Fannie Mae 30-yr 3.5% coupon hovers near support one (S1) at the 25-day Moving Average (102.64).
Tue, May 02 8:32 AM CoreLogic reports that home prices, including distressed sales, rose 7.1% from March 2016 to March 2017.
Tue, May 02 8:31 AM There are no economic reports due for release today.
Tue, May 02 8:29 AM WTI oil $49.11/barrel, +$0.26.
Tue, May 02 8:28 AM U.S. dollar index 98.95, near unchanged.
Tue, May 02 8:26 AM 10-yr T Note yield 2.33%.
Tue, May 02 8:25 AM MBS open slightly lower after Monday's weaker-than-expected economic data failed to reignite appetite for U.S. Treasuries.

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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