Morning Update, August 28th

Markets started off stronger on earnings reports and the data that showed consumer spending was in line with expectations.  All of this news caused the treasury prices to rise so we should see mortgage rates a tick higher than they finished yesterday. 

The economic news, while not glowing, falls in line with what has happened over the past several months.  If the news meets expectations or isn’t too bad, then you’ll see stocks rally and the bond market take a hit sending mortgage rates up.  There has been talk that there is a correction due in the stock market and that the 10 year note should break below its 3.42% threshold. 

There are definitely patterns that can be easily identified in the market with regard to rates.  If the news isn’t too bad, the stock market rallies.  If it is really, really bad, then we’ll see lower rates.

Enjoy the weekend and check for our ad in the Sunday Asubry Park Press!