August 2, 2019

NDM News
Remember we now have both a Streamline Special and an FHA Purchase Special.  Rates are super low, the time is now to take advantage of our pricing.

Market News

Sandwiched in between the Fed Announcement on Wednesday and the NonFarm Payrolls report today, yesterday was supposed to be a relatively calm day in the markets.  Until President Trump announced he was ratcheting up the tariffs imposed on China.  The U.S. will implement an additional 10% tariffs on $300 billion dollars of goods. There is also a possibility tariffs could be raised beyond 25%.   Markets react negatively to trade wars and drive investors towards the safety of the bond market (and our MBS).

Additionally, the trade war was a major reason behind the Fed rate cut on Wednesday.  This latest move adds to the likelihood there will be additional cuts this year. The 10 yr is currently below 1.90%, even with this morning’s job reports reflecting 164k jobs added to our healthy economy.

 

Josh Pappert – VP, Capital Markets
Nations Direct Mortgage