iknowamortgageguy.com

01.13.16- Daily pre-market gains are being quickly erased once the opening bell rings.

I think this sums up the beginning of this year in the stock market "Nervous like a cat's tail in a room full of rocking chairs".  Daily major gains in the stock markets are quickly erased as soon as the bell rings, and it is happening again today but not quite as dramatic. Yesterday was a very interesting day in Mortgage Backed and Treasures because everyone is/was betting on rates rising and the market hates predictions so there was a huge move to buy. This in turned had the opposite effect and rates dropped significantly.

So far this morning we have given back a 1/3 of yesterday gains. Rates should actually come out better today then yesterday, since the last reprice was before lunch and most gains were between 1-3pm. The reason they stopped repricing was the gains came so fast that investors weren't sure if the gains would hold through end of business and this did. And with the dip in pricing the bank is always going to try and hold a little extra for themselves. :) Initial rate sheets are now out and indicting slightly better pricing then yesterdays initial rate sheets.

Today oil has rebounded from touch the under $30 mark and everyone is preparing for Thursday and Friday economic reports. Big days as they are the reports on the success or failure of this past Holiday Season. Also tomorrow is unemployment numbers so this is going to be a big couple of days to end the week. Keep an eye on the following reports they will be big market drivers for the end of the week and the beginning of next week.

01/14 - Jobless Claims- Moderate impact, 01/15- Retail sales- High impact, retail excluding autos -High impact, PPI reports - moderate impact and the Empire State Index which is a manufacturing activity gauge from the Northeast US. This report says this is a moderate impact, but I consider this a major impact because if product isn't being made then these workers are being laid off. So watch for any negative numbers in this report it could mean the other regions are suffering as well. 

Halfway to my monthly goal already coming up on the halfway mark of January, have the other half signing this week. Need some help with a troubled loan, remember talking to a really good prospect but they were credit challenged or self employed? Send them to me and let's start setting up for our February goals!

3.5% 30 year fixed FHA,VA  & USDA is back!!