Current Pricing of FNMA 30 Year 4.5% Bond: $101.75
+50 bps (Prior Close – $101.25)
Market Update: Mortgage Backed Security (MBS) pricing is higher today from yesterday's close. The Stock market is currently in the red and worse than expected employment data was released earlier today.
Economic News: Initial Jobless Claims increased more than expected, indicating a continued decline in the labor market. The ISM Manufacturing Index also came in a little worse than expected. There was some good news released, as Pending Home Sales were reported far above expectations and Personal Spending for August rose at its fastest monthly pace in almost 8 years. The increase in Personal Spending is, in large part, due to the "Cash for Clunkers" program.
Recommendation: FLOAT
For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.
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