Derek McClintock's Blog

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Mortgage and Lending - C2 Financial - NMLS# 331867
RECENT BLOG POSTS
Stock indexes started better this morning while the 10 yr note started unchanged and 30 yr MBSs +9 bp at 9:00. March personal income and spending were out at 8:30; income up 0.2% with forecasts of +0.4%, spending at +0.2% slightly better than forecasts. Last Friday the 10 yr note closed at 1.67%,...
04/29/2013
Q1 advance GDP was widely expected to be +3.1% growth for the quarter; as reported GDP up just 2.5% after Q4 2012 was up 0.4%. It is the advance report and subject to change next month when we see the preliminary data; nevertheless growth according to the report isn’t as strong as thought. The re...
04/26/2013
Weekly jobless claims at 8:30 were better than forecasts; down 16K to 339K. Claims last week were the lowest since early March, so-called consensus estimates were at 350K. The 4 week average on claims was down 4500 to 357,500. As we said yesterday claims now are free from seasonal machinations. A...
04/25/2013
Early this morning prior to 8:30 the 10 yr note traded weaker at 1.72% +1 bp and 30 yr MBSs were down 6 bp frm yesterday’s close; stock indexes slightly better. March durable goods orders were reported at 8:30, the weakest since last August. Orders were expected to decline 2.5%, as reported order...
04/24/2013
After two weeks of trying and failing, today the 10 yr note yield at 8:30 was trading well below 1.70% at 1.66%; all we need now is for the note to close below 1.70% to start another leg lower in interest rates. Getting a close below 1.69% appears to be failing as the day proceeds.  Rate markets ...
04/23/2013
Last Week's Mortgage Rates RecapLast week saw interest rates and pricing rebates remain stable for the second week in a row. Surprisingly though we didn't see the intraday volatility that we expected to see. Even though the stock market, along with the prices for gold and oil all were very volati...
04/22/2013
Yesterday there was little change in the bond and mortgage markets; the stock indexes were weaker but volume was thin. Yesterday the April Philly Fed business index and March leading economic indicators were two more data points that were weaker than expected. The Philly Fed index of business act...
04/19/2013
Prior to 8:30 the 10 yr note was back above 1.70% to 1.71% +1 bp frm yesterday’s close. The stock market had a bad day yesterday, this morning the indexes started better. At 8:30 weekly jobless claims were expected about unchanged, as reported claims increased 4K to 352K; close enough to estimate...
04/18/2013
Stock market volatility continues at high levels. This morning the US stock indexes were weaker early after a nice rebound yesterday that followed a huge 266 point decline for the DJIA on Monday. Today there isn’t any economic data to look at, this afternoon the Fed will release its Beige Book, d...
04/17/2013
Yesterday the stock indexes fell; the DJIA -266 and NASDAQ -78. Some of the selling was a reaction to the Boston bombing, however that didn’t happen until 3:00. Prior to the shock the stock market was under strong selling pressure, frm the time the bombs exploded the DJIA was down over 170 points...
04/16/2013
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