Current Pricing of FNMA 30 Year 4.5% Bond: $100.44
-6 bps (Prior Close – $100.50)
Market Update: Mortgage Backed Security (MBS) pricing is lower this morning from the yesterday afternoon sell-off in the Bond market.
Economic News: Retail sales jumped in August more than expected, even excluding the increase in auto sales due to the Cash for Clunkers program. In fact, the increase was the largest month-over-month increase in 3 ½ years. The Producer Price Index came in more than double expectations which is prompting concerns of wholesale inflation. A better gauge on consumer inflation will be released tomorrow, when the Consumer Price Index is released. Additionally, the New York State Manufacturing Index reached its highest level since late 2007.
Recommendation: FLOAT
For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600.
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