29 Oct Maintaining a Floating Status
Posted at 15:00h
in Mortgage Mike's Daily Rate Commentary
Hurricane Sandy has caused the NYSE and the Nasdaq to suspend trading for today, and the bond market is scheduled to close at 12 pm ET as a result as well. The storm is expected to make landfall this evening sometime around 7-8 pm.ET. Bonds are positive this morning in response to PCE showing inflation remaining in check. mortgage bonds have moved higher for the last 3 days, helping to push interest rates lower after steadily creeping higher for the last 3 weeks. We will maintain a floating bias.