January 18, 2019

NDM News

Nations Direct will not be distributing new rates on Monday morning, and locking will be unavailable due to the market observance of the Martin Luther King, Jr. holiday.  The lock desk will be open standard hours to handle any other requests such as lock revisions and extensions.  Rate sheets will resume normal distribution and hours on Tuesday.

Market News

Stocks are moving higher to begin Friday’s trading session as investors digest the latest trade rhetoric stemming from the world’s two largest economies.  A report emanating from the Wall Street Journal stated that the U.S. is mulling over the idea of cutting tariffs on Chinese goods, in order to keep the negotiating process moving in the right direction.  On top of this, Chinese Vice Premier, Liu He, is slated to visit D.C. in the near future to meet with top officials.  The S&P500 is currently trading at 2,650.55, 0.55% higher.

Treasuries are essentially unchanged in the early going in a week where volatility has been largely absent.  Complacency amongst bond traders has been the overwhelming narrative as FOMC members continue to placate fears with dovish vernacular.  The 2/10 spread has widened about 2bps this week as economic data and earnings reports trounce expectations.  The U.S. 10-Yr Note is currently trading at 2.7554%, 0.0050 higher.

 

Josh Pappert – VP, Capital Markets
Nations Direct Mortgage