Grand Rapids Mortgage Company

Posted To: MND NewsWire

In the footsteps of weak global markets, US equity futures are sharply lower this morning, further subtracting from yesterday’s losses. In Asia, Japan’s Nikkei closed 1.10% lower while Chinese stocks fell 0.94%. Results are similar in Europe where London’s FTSE 100 is currently 1.08% down and France’s CAC 40 is down 1.63%. “Across-the-board risk aversion was the theme overnight, with global equity markets almost uniformly lower as worries about Greece and some soft data are weighing,” said Benjamin Reitzes from BMO Capital Markets. 90 minutes before the bell, Dow futures are down 42 points to 10,807 and S&P 500 futures are off 5.75 points to 1,173.25. In the bond market, the 2 year note is +0-01 at 99-29 yielding 1.04% and the 10 year Treasury note is…(read more)

Posted To: MND NewsWire

The US dollar is strengthening and equity futures are sharply lower this morning ahead of key housing and durable goods data. Yesterday the Dow strengthened for the 11th straight day, but this morning the focus is on continued financial troubles in Europe, causing risk aversion across the board and a flight to the greenback. 90 minutes before the bell, Dow futures are down 31 points to 10,797 and S&P 500 futures are off 4.20 points to 1,165. WTI crude oil is down $1.24 to $80.67 per barrel and Spot Gold is $9.00 lower to $1,096.15. The dollar strengthened mainly due to a steep fall in the euro overnight, which sank to its lowest level since last May, according to BMO Capital Markets. They attribute the weakness to talk of Greece receiving help from the International Monetary Fund. “Markets…(read more)

Posted To: MND NewsWire

Financial markets don’t seem pleased by the $940 billion healthcare bill. One morning after the House of Representatives passed the President’s initiative, equity markets are sharply lower. One hour before the open, Dow futures are off 53.00 points to 10,634 and S&P 500 futures are down 7.30 points to 1,149 Meantime, crude oil futures are down $1.26 to $79.71 per barrel while Gold is lower by $3.30 to $1,104.30. Economists from BMO point out that global economics concerns are also pushing down equity prices Monday. “Worries about policy tightening in Asia, following India’s rate hike last Friday afternoon, and ongoing concerns over Greece are weighing on global equity markets,” they wrote early morning. “The US$ is mildly stronger, as are Treasuries,…(read more)

Posted To: MND NewsWire

Equity futures are moderately higher ahead of a fairly light week of economic data. Dow futures are trading 18 points higher at 10,563 and S&P 500 futures are up a 2 points to 1,138. Commodities are also edging slightly higher with WTI crude oil up 33 cents to $81.83 per barrel and Spot Gold up 54 cents to $1,135.19. Meantime, the US dollar is a bit lower against the euro since France’s Nicolas Sarkozy said the continent would help Greece: “if it were necessary, the states of the euro zone would fulfill their commitments.” In terms of data the week ahead doesn’t quite begin until Wednesday afternoon when the Treasury releases its budget statement. On Thursday, weekly jobless claims will be accompanied by the monthly trade balance. Friday’s retail sales index…(read more)

Posted To: MBS Commentary

Good Morning. Happy Friday. Mortgage rates were mixed yesterday, some lenders were better, others were worse. The FN 4.0 ended the session +0-03 at 97-19 while the FN 4.5 went out the door +0-03 at 100-21 yielding 4.43%. The secondary market current coupon was 4.42%. The 10yr TSY note was -0-01 at 99-06 yielding 3.721% and the 2s/10s yield curve was 4 bps steeper to 285bps. Stock markets continued to sort through EU political rhetoric regarding the fate of Greece. No "official" details were offered and no specific move was made. This is what I wrote yesterday… Plain and Simple: although nothing has been done to "officially" rescue Greece yet, support is "officially" mobilizing in the event an emergency effort is "officially" needed. This "officialness"…(read more)

Posted To: MND NewsWire

Stock markets may be reversing course after investors pushed down the Dow by 1.04% yesterday. Increased speculation that the European Union may bail out Greece is giving traders some optimism on what otherwise could be a slow day in news. One hour before the opening bell, the Dow is looking to open 66 points to 9,961 while futures on the S&P 500 Futures are up 9.10 points to 1,065. In another sign that risk may be back on the table, Crude oil is up 98 cents to $72.87 per barrel and Gold is trading $11.90 higher at $1,078.10. The US dollar, meanwhile, is trading lower. There’s not much in data that could sway markets one way or the other today. The only significant release is Wholesale Inventories, in addition to three auctions from the Treasury. Key Events Today: 10:00 ― After climbing…(read more)