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Market Commentary – 7/10/15

Posted on July 10, 2015 by Conrad Juliá

The U.S. stock market is rallying Friday morning on positive news surrounding the new Greek bailout negotiations. Both bond and stock markets have been roughed up the last few weeks over the ongoing drama surrounding this situation. Quietly, China has sold off violently the past week as well amid fears of a stock market bubble before rallying late in the week due to expanded Chinese Government monetary stimulus. This has further complicated global economic growth concerns, as well as potentially pushed out an increase in the Federal Funds rate to early 2016.

The financials markets of the last several weeks have reminded us that the world is still fragile economically and there are many uncertainties both domestically and abroad that can immediately affect market psychology.

Technically, mortgage bonds have remained below their 200-day moving average even with Greece’s default and a Chinese stock market question, which is a bearish single for bonds. Therefore, we continue to remain biased toward locking due to the poor technical present at the moment.

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These are the opinions of the author. For financial advice, please talk to your CPA or financial professional.

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(2) Disclosures

(1) Minimum FICO, reserve, and other requirements apply. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change without notice. Actual closing times will vary based on borrower qualiﬁcations and loan terms. All loans are subject to credit approval. (2) “Loan to Cost” (LTC) is defined as the acquisition price of the property plus the cost to build as determined by a bank appraisal. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. (3) With an interest-only mortgage payment, you will not pay down the loan's principal balance during the interest-only period. Once the interest-only period ends, your payments will increase to pay back the principal and interest. Rates are subject to increase over the life of the loan. Contact your Insignia Mortgage, Inc. loan officer to determine what your payments might be once the interest-only period ends. (4) With an adjustable rate mortgage (ARM), the loan payment will adjust after an initial period and then adjust on a regular basis as set forth in the loan documents. For example, a “3/1” loan will have an interest adjustment 3 years after the loan closes and every 12 months thereafter. Also, the loan will be subject to annual and lifetime adjustment caps. Contact your Insignia Mortgage loan officer to determine what your payments might be once the fixed rate period of the loan ends. (5) Insignia Mortgage, Inc., is a real estate broker licensed by the CA Bureau of Real Estate, DRE #01969620, NMLS #1277691.