Melissa's Mortgage Minute

Have we gotten lost in the minutiae of basis points?? Why are we getting so excited when a number goes from .1 to .2 ? Even 1% more than zero is still just zero. As we peruse data each day it seems that we try to get too excited about an .01% rise in the dollar or a .02% hike in an index. Well we do and some days even the smallest of changes can move the markets..... welcome to the new normal.

This morning, GDP for the first quarter was revised upward to a .8% growth rate below the .9% expected, and up from .5%  from the initial reading. Home Building helped the number to grow but we are still far away from the 2% rate we would like and the 3% rate we used to expect. 

GDI, though a seldom thought about index revealed that income was up 2.2% in the first quarter. With income growing over 2% one would expect the economy to pick up with the consumer representing over 2/3 of GDP. 

Consumer Sentiment rose to 94.7% but was below the expected 95.5%. The election seems to have many on the edge of their seat. Me too...

The Dow is now up 27 pointsOil is down close to $49 a barrelTbe Dollar is a bit stronger Ten-Year bonds are at 1.83% 

Seems that no one really cared about the numbers. Mortgage rates included. 

Ms.Yellen speaks at 1.15 today. Will she be dovish or a hawk today? With so many already gone for the holiday weekend it doesn't look like it will matter!