Today's Market ReportSep 4 2013
Even in the face of light supply by originators, mortgages continue to drift lower today. Either folks are still at the beach or they’re playing defense in front of Friday’s employment report. Despite opening higher, Fannie 3.5s are now down nearly ½ point on the day to 98-27+. Stocks, on the other hand, are doing very well as the DOW is up 96 points. Economic data was light today, but we did have comments from San Francisco Fed President John Williams a little while ago. Williams, who has backed the record stimulus, favors slowing bond buying later this year as the economy improves. Williams sees the US economy growing at 2% in 2013, and 3% next year. He also said that he “can’t emphasize enough” that tapering is data-dependent – all eyes on NFP Friday morning.