Lock stance for short term transactions

The Dow closed at an all-time high yesterday, but has moved to negative territory a few hours into the trading day.  Initial Jobless Claims were close to expectation, but Q3 GDP surprised at 2.5% versus the 1.9% estimate.  While the headline number appears to be somewhat positive, the consumer spending component, which is the single biggest driver of the economy, dropped to a 3 year low.  The European Central Bank dropped their lending rate .25%, which was somewhat of a surprise to world financial markets.  Low inflation was cited as the reason to drop the rate, and the announcement caused a drop in the Euro currency.  mortgage bonds continue their battle right at the 200 DMA.  Price action will likely be limited in anticipation of tomorrows jobs report.  We will suggest locking short term transactions in order to avoid the volatility.

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