Melissa's Mortgage Minute
So, the buzzing question of the day is ‘who do you think won the debate?’
If you ask the equities markets the answer is Hillary Clinton. Meanwhile, add some better than expected economic data, lower oil prices, and the Dow closed up 133 points- you have one interesting day! Consumer confidence rose strongly to 104.1. Which is the highest since the recession began. The flash PMI also rose this month.
Oil lost 3% as hopes for a production cap faded. The again, no surprise here! Lastly, the dollar was flat.
The 10-year bonds had a big day closing back at 1.55% well below the dreaded 1.60% threshold. As oil prices fell and ongoing concern over Deutsche Bank helped to bolster the safe haven. Strong data and a big gain in equities were mostly ignored.
Meanwhile, mortgage rates look to be close to dropping. The 30-year fixed are firmly entrenched at 3.50% with 0 points and the ARM’s look poised to drop. Not that today's rates are bad at all. Who can sneeze at a 2.50% 5-year ARM? Certainly not me!
Durable goods will be reported tomorrow morning, and markets expect a weak number… just what the mortgage market is looking for.