Monday, September 17, 2012

Downward pressure to mortgage rates.

Mortgage bond prices opened higher applying downward pressure to mortgage rates.

The New York Fed's Empire Manufacturing report showed surprise weakness in that region. With that lack of any first tier data releases this morning that report has things rate friendly so far at the open. The reading came in down 10.4, the figure was the weakest in about 2 years.

News out of the euro zone indicated the trade surplus got bigger with fewer imports and higher wages.

There is no data til Wednesday with the housing releases. Stocks and news out of the euro zone will likely dictate trade.

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