BlogMagnolia

Market Update

Tue, Aug 12 – 12:12 PM ET
Minneapolis Fed President Gary Stern in an interview on CNBC on Tuesday said the recent drop in energy prices has diminished some of his concerns about inflation and inflationary expectations. Mortgage Bonds at highs for the session.

11:41 AM ET – Mortgage Bonds stuck in a narrow trading range but still positive. Oil heads lower now at $113.39/barrel down $1.15 after being in the black. Stocks still in the red.

9:51 AM ET – Oil trading near unchanged levels at $114.38. Mortgage Bonds off highs for the day but still in positive territory. Stocks trading lower.

8:50 AM ET – JPMorgan Chase tells of more writedowns after the Bear purchase to the tune of $1.5 billion. US trade deficit unexpectedly narrows. Mortgage Bonds opened higher and got a slight boost from the news. Stock futures lower.

Mortgage Interest Rates*

Rates as of Tuesday, 12th August, 2008:

*Rates are subject to change due to market fluctuations and borrower’s eligibility.