AgentIndustry News

Mortgage credit to impact housing next year

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Well. The elections are over, and the outcome had no detectable impact on the financial markets. Far more important than the switch in congressional control is President Bush's transfer of national security policy from Neo-Con hands to Daddy's bailout team -- grounds for optimism for the world ahead. However, we're not interested in the world, we're interested in money; not the House but housing, and the bond market much prefers pessimism to optimism. There were no noteworthy economic data released this week, but the bond market and mortgages improved by a chart-pattern whisker. News of healthy payrolls blew up the bond market last week, threatening a return to the 4.83 percent September high for the 10-year T-note and mortgages to 6.5 percent ... but it didn't happen. The 10-year this morning is 4.58 percent, back where it was before the payroll news, mortgages poised for another run at the 6.00 percent barrier. To break through to the fives we need some bad news, and the center of t...