Mortgage Market in Review - 11/2/2009
By Mick Rothblott
(Mortgages By Mick)
MARKET COMMENT Mortgage bond prices rose last week pushing mortgage interest rates lower. Rates spiked higher Monday morning as stocks surged and the Treasury auctions loomed. Fortunately, foreign demand for the notes was solid, helping to keep mortgage rates low. The stock markets remained volatile all week with the Dow Jones index swinging by triple digits both up and down. For the week, interest rates improved by about 1/4 of a discount point. The Fed meeting on Wednesday will be the most important event this week. Productivity and employment figures are likely to move the market. LOOKING AHEAD EconomicIndicator ReleaseDate and Time ConsensusEstimate Analysis Construction Spending Monday,Nov. 2,10:00 am, et Down 0.4% Low importance. An indication of economic strength. Significant wea...