Market Update

Good News Everyone....

With no major news in the market today, MBS markets are up +12/32 above the morning pricing of +3/32. That will lead to an improvement in rates.. A step in the right direction to say the least

We do have a lot of economic data coning out this week however.. CPI, retail sales, Jobless claims, housing starts UofM confidence just to name a few so get ready for a potential ride this week. We can see some large swings up or down.

In equities, the Dow broke through the 11,000 threshold (hooah for our 401k’s) in intraday trading Friday but finished the session just below the high water mark. At the open, we are above again and have a feeling we will stay there by the closing.

USDA is getting close to running out of money. Let's hope that our friendly political figures will find some monies to fund the program for the remainder of the year. The USDA program is far to important to the housing industry!!!

Till Later
Thorsten Bernacki
Envoy Mortgage