Published Date 5/10/2024
Yesterday rates got a boost on weekly jobless claims hitting a nine-month high and the 30 year bond auction met with strong demand. The 10 year note -4 bps, MBS prices +18 bps. This morning the 10 at 9 am +3 bps and MBS prices -15 bps. This week the economic calendar was almost non-existent, weekly claims yesterday and this morning the University of Michigan consumer sentiment report at 10 am ET.
The economy, based on a couple of recent reports, is slowing. Both the Conference Board’s consumer confidence index and the final April University of Michigan sentiment index showed a marked decline in consumers’ thinking. A little more than anecdotal but neither have inflation reports. That comes next Tuesday and Wednesday when April PPI (Tuesday) and CPI (Wednesday). Next week’s calendar has a lot of key data after this week’s lack of news and treasuries trading in narrow ranges.
At 9:30 am the DJIA opened +95, NASDAQ +34, S&P +13. 10 year at 9:30 am 4.49% +3 bps. FNMA 6.0 30 year coupon -13 bps from yesterday’s close and +13 bps from 9:30 am yesterday; the 6.5 coupon -9 bps from yesterday’s close and+9 bps from 9:30 am yesterday.
At 10 am the University of Michigan consumer sentiment index thought to be at 77.0 from 77.2 two weeks ago, the index dropped to 67.4. More evidence that consumers are getting edgy.
This afternoon at 2 pm Treasury will report the April deficit, expected at -$236.0B unchanged from March.
Did you know there are grants and assistance for first time home buyers? First-time homebuyers are eligible for a variety of public and private grants. Most government agencies and financial institutions consider anyone who hasn’t bought or owned a principal residence in the last three years a first-time homebuyer. While some grants are marketed toward first-time homebuyers, existing homeowners may be eligible for many programs. Exact eligibility standards vary greatly, however. Most require the property to be your primary residence, and many have income and home price limits. The grants may also be limited to certain cities or a select list of properties. To ensure you can access all the programs you’re eligible for, ask your lender about grant options before you apply for a mortgage.
Source: TBWS
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THIS IS AN ADVERTISEMENT. This is not a commitment to lend. Offer of credit subject to credit approval. A and N Mortgage Services, Inc. 1945 N. Elston Ave. Chicago, IL 60642 p: 773.305.LOAN (5626) ANmtg.com NMLS No. 19291 For licensing information, go to: https://www.anmtg.com/licensing/ (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org)
NMLS: 19291
A and N Mortgage Services
1945 N. Elston, Chicago IL 60642
Company NMLS: 19291
Office: 773-305-5626
Cell: 312-961-4380
Email: neenav@anmtg.com
NMLS: 19291
Cell: 312-961-4380
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