Daily Mortgage Stance

    A weaker than expected report on private employer hiring from ADP is boosting Bonds modestly higher, while pushing Stocks lower in early trading.

    In mortgage and housing news, the Mortgage Bankers Association reported this morning that due to a slight dip in home loan rates last week, the refinance index rose after falling for most of the last month. Clear Capital reported that home prices rose by nearly 11% from September of 2012 to September 2013.

    With the recent big rally in Mortgage Bond prices and subsequent stall at current levels, we are recommending to lock in the short-term, which is measured by a few days to two weeks.”

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