Sahmama24
Joined: 19 Jan 2010
Posts: 26
Location: Delaware
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| Posted: Wed Jan 20, 2010 12:16 am Post subject: Mortgage Rates Steady |
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Mortgage rates improved last week after the Treasury Deparment completed debt auctions totaling $84 billion. On Friday, lenders improved rate sheets to their best levels all week (best in about a month really!). All US markets were closed yesterday in honor of Martin Luther King Jr. day. A few lender's issued rate sheets, they unchanged from Friday.
We had no major economic data releases this morning; however, Citigroup announced third quarter results matching expectations of a 0.33 cent loss per share but missing on total revenue. In total, Citigroup lost $7.6 billion mainly due to a pre-tax charge of $8 billion which repaid TARP bailout funds. At 1pm today the National Association of Home Builders will release their Housing Market Index. This survey gives the market a view into the sentiment of home builders. If the housing market is to help add momentum the overall economic recovery, home builders will have to feeling positive enough to start building homes again.
Tomorrow data picks up with the weekly Mortgage Bankers Associations Application Index followed by Housing Starts which will give market participants a look into the strength of the housing sector. We also get a reading on inflation with the Producer Price index. |
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