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Mark Hemingway

Mortgage Market Update for April 15

Monday, April 15, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

US stocks are lower to begin the holiday shortened trading week after mixed earnings numbers from Goldman Sachs and Citigroup as earnings season kicks into high gear. The S&P 500 Stock Index, currently at 2,902, is now just 26 points from its all-time closing high of 2,930 hit back on September 20, 2018. The earnings and guidance coming from Wall Street during earnings season may determine whether stocks move another leg higher or take a pause.

Chicago Fed President Charles Evans said this morning he doesn't see a recession in the near future in the coming future. Mr. Evans went on to say that recent economic data has strengthened, the economy is solid, low inflation is a bit of a concern and sees the Fed Funds Rate remaining at current levels until the fall of 2020. With global central banks keeping interest rates at extremely low levels and are seen to remain there for quite some time, there should not be a big rise in mortgage rates in the foreseeable future.

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