YIKES!
May's new home sales number slipped 33%! The lowest number on record: 300k homes.
Remember that tax credit thing that expired in April? Yeah. That is likely the culprit.
FNMA 4.0% bond is steady and closed out the day at $100.78...up 3 bps.
Jobless claims and durable goods orders reports come out tomorrow. Shouldn't have too much influence on the market. I am hoping rates hold steady as there are way too many people out there who actually QUALIFY for purchase or refinance but just don't know it yet.
IBM is hiring 600 employees and will start servicing mortgages evidently. WOW. Good for them I suppose. They will be able to pick up some pretty good deals in purchasing service contracts from other lenders who are in need of cash infusion.
FED notes were released today. The fed funds rate will remain unchanged. Voting to increase the rate was 9-1 against it. The economy is still a bit wobbly to suggest that we need to "slow" things up a bit by making money more expensive. Higher funds rate=more expensive to get money=less expansion in the economy=higher credit card rates=lower retail spending...and so on.
Cheers!
Chad
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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com
