"Consolidation" as far as financial markets are concerned, consolidation is what follows a sustained move in certain direction. This tends to take the shape of "correction" (a push back in the other direction) at first, but can be considered a consolidation if the push doesn't take the security in question too far back in the other direction.
We have several overhead pivot points and trendlines that can act as warning signs of such a correction. As the chart suggests, the lowest level that would present any risk today is 2.27%. With 10yr yields beginning the day around 2.24%, we're still consolidating, but we should be on guard against the possibility that we could begin "correcting" if these key levels are broken.
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• 30 year (FRM) rates at 4.01% (+0.01%).
• 15 year (FRM) rates at 3.26% (+0.01%).
• FHA 30 year Fixed rates at 3.65% (-0.00%).
• Jumbo 30 year Fixed rates at 4.28% (+0.01%).
• 5/1 ARM rates at 3.03% (-0.01%).
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