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Joe Shamie

Market Update 9:25 AM ET

Tuesday, September 2, 2014 - Article by: Joe Shamie - First Choice Loan Services - Message

Tuesday - September 2, 2014 - 9:25am ET

Current Trend Direction: Sideways

Float/Lock Bias: Locking short term

Current Price of FNMA 4.0% Bond:$105.78,-12bp

The summer of 2014 unofficially came to an end yesterday with the Labor Day Holiday as major investors drift back into the market this week.

Mortgage Bonds begin September to the downside as Stock prices edge higher with both the Dow (17,098.45) and the S&P 500 (2,003.47) near all-time highs. The absence of any major geopolitical events over the weekend has drained some safe haven buying this morning.

The shortened week is long on economic data beginning this morning with the ISM Index, which looks at manufacturing across the nation, and culminates on Friday with the granddaddy of all reports, the monthly Employment Report for August. It is expected that employers added 220K jobs last month...more on the subject as the week progresses.

Technically, the 4% coupon traded near the 2014 highs on Friday, but reversed slightly lower as traders looked to book some profits.

With prices/rates near best levels in a year clients who are closing within the next few weeks should consider locking. Have a great week!

Joe Shamie NMLS # 241432

First Choice Loan Services NMLS # 210764

First Choice Bank NMLS# 177877

866-970-3400 x-5135

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