Today was a good day for bond markets and conversely, mortgage rates. The "stock lever" kicked into action. By stock lever, we are referring to the correlation between stocks and bonds. Generally speaking, what's good for stocks is bad for bonds, and vice versa. Today we saw a classic example of this phenomenon. Stocks in the US and European markets led the way for the 10 year yields, as they closed at 1.613. The only other significant data coming into play today was the Brexit poll, again hinting at the likelihood of Britain departing from the European Union. This week we have the FOMC rate decision to look forward to on Wednesday, which will likely make an impact as far as rates are concerned. Check here tomorrow for more mortgage news.
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• 30 year (FRM) rates at 3.56% (-0.02%).
• 15 year (FRM) rates at 2.86% (-0.02%).
• FHA 30 year Fixed rates at 3.25% (0.00%).
• Jumbo 30 year Fixed rates at 3.759% (-0.01%).
• 5/1 ARM rates at 2.95% (-0.02%).
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