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Reminder: The mortgage market will be closed tomorrow in observance of the Independence Day Holiday.
SHORT-TERM TREND (10 days or less). Favors lower rates and higher investor prices but starting to show signs of a possible near-term reversal.
LONG-TERM TREND (11 days or more) Favors lower note rates and higher investor prices. |
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Commentary: Mortgage interest rates crept fractionally lower this morning as a weaker-than-expected June nonfarm payroll report showed the economy is still laboring through a deep recessionary trough. The Labor Department said employers cut 467,000 jobs last month. The June job losses were significantly greater than the 363,000 loss most economists had been anticipating. The national jobless rate edged up to 9.5% from May’s 9.4% level. The jobless rate now stands at it highest level since 1983. As of the end of June, the world’s largest economy has lost about 6.5 million jobs since the recession began in December 2007. That’s the biggest employment decline in any post World War II economic slump. Today’s dismal report from the labor sector indicates the economy was losing momentum as the second quarter came to a close. In the convoluted world of mortgage interest rates – signs of economic weakness tends to be supportive of steady to perhaps incrementally lower mortgage interest rates.
This time around I think it will be difficult for mortgage interest rates to move to significantly lower levels from here – simply because of the huge amount of supply Uncle Sam is steadily dumping into the credit markets as he attempts to borrow himself into prosperity. Next week the Treasury Department is scheduled to auction $35 billion of 3-year notes on Tuesday, $19 billion of 10-year notes on Wednesday, and $11 billion of 30-year bonds on Thursday. While it is true the last Treasury auction drew solid demand from domestic and foreign investors alike – it is important to bear-in-mind the term of the securities offered were notably shorter. If next week’s Treasury auctions prove to be a stumbling block (as I suspect they will) -- then as you read this commentary it is very likely the mortgage market is putting in its highest prices (lowest rates) through at least next Friday. |
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215 WOODWAY CT
SPRING, Texas 77386
$156,500
Jimmy Breeden 281-797-1384
5% Realty Co., Ltd.
Date listed on this site: 7/3/2009
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304 Ashwood ST
Azle, Texas 76020
$109,900
Alex Bogdanoff (817)304-3603
Professional Properties
Date listed on this site: 7/3/2009
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1713 Creek Ridge Ct.
Irving, Tx 75060
$129,900
Priscilla Shields 972-313-0628
Date listed on this site: 7/3/2009
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2301 Chinaberry Dr.
Bedford, Texas 76021
$157,900
Priscilla Shields 972-313-0628
Date listed on this site: 7/3/2009
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326 Springdale
Grand Prairie, Texas 75052
$60,000
Priscilla Shields 972-313-0628
Date listed on this site: 7/3/2009
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7633 Parkwood Plaza Dr.
Fort Worth, TX 76137
$135,000
Priscilla Shields 972-313-0628
Date listed on this site: 7/3/2009
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623 Cambridge Dr.
Irving, TX 75061
$87,500
Priscilla Shields 972-313-0628
Date listed on this site: 7/3/2009
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10357 Country Club DR
Dallas, Texas 75218
$139,000
Darrell Self 469-438-5943
DMD Realty
Date listed on this site: 7/3/2009
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