A Lot of News but No reaction with Rates

MBS are up +1/32 (FNMA 30-yr 3.5 at 103.17), around 2/32 higher than yesterday at this time.

A large batch of economic data contained few surprises and caused little reaction this morning. The July Core PCE price index rose 0.1% from June, matching the consensus. It was 1.4% higher than a year ago, down from an annual rate of 1.5% last month. The Fed’s target level for inflation is 2.0%. July Personal Income rose 0.4% from June, a little above the consensus for an increase of 0.3%. Weekly Jobless Claims were 236K, slightly below the consensus of 240K. The Chicago PMI regional manufacturing index was unchanged at 58.9, which was very close to expectations. The Dow is up 60 points. Pending Home Sales will be released at 10:00 et.

About The Mortgage Update

I am a resident of St Charles Illinois and have been in the Mortgage Industry for 24 Years. I am also be heard on WYLL 1160 AM Chhristian Radio "The Mortgage Update with Terry & Dan". With relationships with the our Countries biggest lenders, it allows me to help you find the PERFECT Mortgage for your situation. From getting Pre-Approved to purchase your first home to helping you Qualify under wth NEW HARP 2.0 Guidelines (see HARP 2.0 tab).

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