Prospect Mortgage – Daily Rates – August 21st, 2009

Good morning!

MARKET UPDATE:  This morning the bond market started off with small gains but a positive Existing Home Sales report quickly reversed that trend and ignited a sell-off on treasuries. The report showed a month to month increase of 5.24 million annual rate from 4.89 million last month, the largest increase in almost two years; while the market was expecting around 5 million.  The inventories also fell from 8.9 months supply to 8.6 months supply, further suggesting the housing market is recovering. Next week we will have the Consumer Confidence report on Tuesday and New Home Sales on Wednesday, Personal Income and Spending on Friday, as well as three rather large treasury auctions totaling $109 billion starting Tuesday.

Quotes of the Day,

Anger is a wind which blows out the lamp of the mind.

       Robert G. Ingersoll

Sometimes the best helping hand you can get is a good, firm push.

       Joann Thomas

Work joyfully and peacefully, knowing that right thoughts and right efforts will inevitably bring about right results.

       James Allen

Conventional Rates                                                                                Jumbo Loan to $1M – 70% LTV Max

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Prospect Mortgage – Largest Privately Held Mortgage Banker in the United States.