Salt Lake City’s Mortgage Market Update for November 6, 2008

Mortgage Bonds are trading a bit lower this morning after a three day rally.  This comes after the news from overseas banks, Bank of England and the European Central Bank cut their benchmark interest rates. The good news is that these cuts should have a positive effect on the U.S. Dollar and thus on oil prices.

The Labor Department releases it’s Jobs Report for October tomorrow and investors already expecting a bad news, and the markets are reflecting that.  Bonds are still trading above the level of support so I recommend floating if you’re closing a loan in the next 30 days.

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