Lonnie's Market Line

Well, today is the deadline for the big three auto makers to have their final plan ready for presenting to Congress. The market seems to be optimistic after the massive equity sell off yesterday, as the DOW is currently higher by 140 points. Bonds prices are retreating, mostly because buyers are probably tired from the recent rally. It is quite hard to imagine how much lower interest rates can go from here, but that is probably what the Japanese said 18 years ago.

This week’s data will focus on employment with the ADP report scheduled for tomorrow and the always important non-farm payroll report released monthly by the Labor Department. Economists estimate 320,000 jobs were lost in November with the unemployment rate rising to 6.08%.

As a reminder of HSOA’s forward lock policy, files for forward locks must be submitted within 10 calendar days of the lock or the lock may be renegotiated or cancelled. Please contact your HSOA sales executive as soon as possible regarding any files you have that may experience delays in submission. With the recent bulge in mortgage activity you will experience delays from title, appraisers, closing agents and lenders, so be proactive!