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Friday 08-29-2014 Mortgage Market Update

Mortgage Bonds hover at par levels as Stocks see modest gains on the lightest trading day of the year. Markets are closed Monday in observation of Labor Day.

Economic reports were, overall, better than expected. Wall Street players will thin out as the day progresses and bonds are expected to remain in a sideways trading pattern.

This morning UK announced it was increasing its terrorist threat level, raising the level suggests there is increasing evidence that an attack could occur. With the announcement the government went on to say there is no new evidence of an imminent attack. The government is raising the terror threat level to “Severe,” the second-highest level, based on new intelligence from Syria and Iraq. The “Severe” rating means an attack is “highly likely”, but that there’s no intelligence about a specific plot. The highest level is “Imminent.” The world is increasingly facing threats that are fulminating out of the mid-east yet we don’t hear much about the totality from any government including the US.

I will recommend locking, heading into the weekend. Mortgage Bond prices are at highs for the year and home loan rates are at 12-month lows.