Today marks the 9th straight day of weakness in the bond markets, and the chatter about a Fed rate hike started the trend last week. This week the economic data added to the drama, in particular the ADP employment data. Today started out with pressure which continued from the overnight session - inspired by Draghi's press conference in the EU. Ongoing news reports coming out of the ECB didn't help matters as bonds struggled through the day. Locally, we began hearing news stories about the imminent debt ceiling showdown, and this brought the 10 year yeilds to a close of day net 5 bps at 2.61. The day may appear to have lost 18 ticks on the 30 year fixed MBS, but that wasn't the case. Today was the "roll day" in which the coupon prices shift, creating a false reality temporarily. Check back for rate updates and more mortgage news.
Bookmark this page for mortgage rates:
• 30 year (FRM) rates at 4.35% (+0.03%).
• 15 year (FRM) rates at 3.57% (+0.02%).
• FHA 30 year Fixed rates at 4.00% (+0.05%).
• Jumbo 30 year Fixed rates at 4.53% (+0.03%).
• 5/1 ARM rates at 3.16% (+0.02%).
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