Economic Report – Jan 5, 2009
Market Review
►A LOOK BACK – Last week was a holiday shortened week and trading activity was thin. The stock market improved on Friday at the expense of mortgage-backed securities and rates increased. A Federal Reserve spokesman reminded market participants that they will “make good” on their Nov. 25, 2008 announcement that they will direct-purchase $500 billion of agency eligible mortgage-backed securities. This could help to keep mortgage rates at low levels through 2009.
►WHAT’S AHEAD – This week will have 2 Treasury auctions for amounts that will be announced later today. Investor’s believe that these initial auctions of the year will be an excellent gauge of global investor’s perception of risk. We will watch the result of these auctions. On Friday the Dec. Non-farm Payroll report is expected to show job loss of 485,000 jobs and an unemployment rate of 6.9%.
► THERE ARE FUNDS AVAILABLE FOR QUALIFIED HOME BUYERS!!!
► Have a fantastic week!!!
Greg Burkett
Preferred Home Loan, Ltd.
281/657-0472 x 301 (Office)
713/906-2883 (Cell)
Filed under: Economy/Market, Lenders
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