Mortgage Pricing Update: 1/24/2008

This morning’s market is somewhat gaining confidence back on Wall Street.  Stocks are back on the move in an upward direction which means that the bond market has shifted and begun its correction phase.

 

Currently, the MBS is 25 bps down in price, and the 10-Year is down 19bps in price with the DOW starting to make a recovery (up 21 points).  The most probably reason for the market taking a big shift this morning is because of the jobless claims report that was released as well as the verification of the economic stimulus plan.  More details on the cash infusion to the economy are scheduled for release this afternoon, and investors are most likely jumping the gun on anticipation of increased spending throughout the U.S. economy.

 

I will keep you updated on the current market changes for the day, but I would suggest locking your clients in at this point if you haven’t already done so with my update yesterday at 2:30pm.  If you locked at that point yesterday, you probably saved about .5% on pricing…great job!

 

Let me know what your thoughts are, and please make sure that you pass along the information by getting free e-mail updates!