The looming expiration of the home buying tax credit is having a clear impact on mortgage applications. The MBA said purchases fell by 7.6%, down for the 3rd week in 4 and is now at a 10 week low. Refi’s fell 16.8% to a 5 week low as the average 30 yr mortgage rate rose to a 4 week high at 5.07%. The NAHB has a full page ad today in the WSJ on A7 begging for an extension of the tax credit. ABC confidence fell 2 pts to -50, a 3 month low and reflects the still difficult labor market. You know the US$ is in trouble when even the Pound is rallying against it. The Pound is at a 5 1/2 week high vs the $ and Gilt yields are at 3 week highs after all members of the BoE voted not to expand their QE program. On the heels of the RBA rate hike, a New Zealand official hinted that they are ready to raise rates too. In a dig to his dovish colleagues, Fed Pres Plosser said the Fed should only have Treasuries on their balance sheet.
Morning stuff
October 21, 2009 7:54am by
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
Posted Under
UncategorizedPrevious Post
Guest Hosting Radio: Bloomberg Surveillance