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Joe Shamie

Market Update 9:55 AM ET

Wednesday, September 3, 2014 - Article by: Joe Shamie - First Choice Loan Services - Message

Wednesday - September 3, 2014 - 9:55am ET

Current Trend Direction: Sideways to lower

Float/Lock Bias: Locking short term, days to a few weeks

Current Price of FNMA 4.0% Bond: $105.75, Unchanged

News of a possible ceasefire between Ukraine and Russia is pressuring the Bond markets slightly lower and is pushing the S&P 500 to fresh record highs.

There are no economic reports due for release today, but the Fed Beige Book will be released at 2:00pm ET. The report gathers anecdotal information on current economic conditions from the various Federal Reserve districts through reports from bank and branch directors and interviews with key business contacts, economists, market experts, and other sources.

Luxury home builder Toll Brother reported today that its quarterly profits doubled as the company sold more houses at higher prices. The builder sold 1,444 homes in the 3rd quarter, up from 1,059 a year earlier. The average selling price rose 12% to $732,000. This is good news, but is a relatively small portion of overall housing market.

With still some more room to for Bonds to fall, clients should consider locking here and taking advantage of the best rates of the year. Longer-term, we dont see rates shooting up and in fact could even move lowerespecially with the deflation threats throughout the globe.

Joe Shamie NMLS # 241432

First Choice Loan Services NMLS # 210764

First Choice Bank NMLS# 177877

866-970-3400 x-5135

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