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Mortgage Rundown Feb 22nd 2017
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Jason Obradovich, EVP Capital Markets at New American Funding, talks about the recent trends in the market as well as Janet Yellen’s recent Humphrey-Hawkins testimony and what this means for the coming months. Watch now! • To read more on Jason’s Market Update click here: http://www.newamericanagent.com/marke... • Web: http://www.NewAmericanFunding.com • Blog/Press: http://www.newamericanagent.com/news-... • Careers: http://www.newamericanfunding.com/car... • Partners: http://newamericanpartner.com/ • Facebook: / newamericanfunding • Twitter: / newamericanteam • LinkedIn: / new-american-funding • Pinterest: / newamericanteam • For additional state licensing: https://www.newamericanfunding.com/le... • • --- • Hello everyone and welcome to the Mortgage Rundown. I’m, Jason Obradovich, Executive Vice President of Capital Markets for New American Funding. • Today we are going to talk about the recent trends in the market as well as Janet Yellen’s recent Humphrey-Hawkins testimony. • Let’s start with the market. Overall the 10yr is little changed over the past two weeks as we continue to sit in this range between 2.30 and 2.55%. This morning the 10yr is at 2.43, up 10bps since our last broadcast. Little information has come to light in terms of legislation on tax reform, infrastructure spending, border taxes or the health care overhaul and yet the stock market continues to trade higher every day. Be forewarned that there is an undercurrent of disbelief that this rally can continue. • Not only are stocks rising, but so is the price of gold. Gold typically moves counter to stocks so is this rally in gold prices related to the dollar or growing fear that the market has become too optimistic about future growth. My vote is on the latter. • Moving over to the FOMC, Janet Yellen appeared before the Senate Banking Committee last week in her twice a year Humphrey Hawkins testimony. She surprised many with her confidence that the Fed will raise interest rates regardless of any legislative changes. In fact she went as far as saying it would be unwise for the Fed to wait too long to remove accommodation. Now the big question on everyone’s mind is whether or not the Fed raises in March. The market sees the odds currently at 36% and I still find it hard to believe the Fed raises before any new legislation is signed. • Here are some key dates to keep an eye on in the next few days, especially GDP. Any signs the economy is expanding at a faster rate could send rates higher. The Fed is looking for signs to point the market to that it’s time to raise. But most importantly keep your eye on the headlines, especially the tax code and any infrastructure spending. • If you would like a more in-depth analysis, please visit our blog. You can find it in the description or this button here. Thanks for watching and have a great day.
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