Mortgage Rate Update 1-31-14: Trends & Projections
By Jason E. Gordon, Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
(AmeriFirst Financial Inc, San Diego, CA)
A decline in stocks has lifted Mortgage Backed Securities this mornng after a great day yesterday. Today's economic data had little impact. December Core PCE Inflation increased 0.1% from November, matching the consensus, and it was just 1.2% higher than one year ago. Personal Income was flat, which was a little below the consensus. Chicago PMI declined to 59.5, matching expectations. Consumer sentiment also came in higher than expected. Today is Ben Bernanke's last day as a member of the Fed. Janet Yellen will now take over as Fed Chair, and she is expected to maintain similar policies. As a result of the above economic activity, pricing has opened 0.250 BETTER to the points/credits associated with each interest rate option. This daily mortgage interest rate report is designed to prov...