In keeping with the theme for the week, EU drags Bonds down even further today. We are still holding strong heading into the 3 day weekend. The main motivator today was the news coming out of the European Central Bank (ECB). They are considering changing the rules for allocation of bonds by country, which would provide more bonds to countries that were in need, as opposed to a more even distribution, which exists currently. German Bunds dropped rather quickly in reaction to this news, and treasuries soon followed. Some stronger domestic data had an adverse effect on the rally, but at the end of the day, we are still in strong territory. The markets will be closed in observation of July 4th, but check back Tuesday for more mortgage news and rate updates.
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• 30 year (FRM) rates at 3.40% (-0.03%).
• 15 year (FRM) rates at 2.74% (-0.01%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.47% (-0.02%).
• 5/1 ARM rates at 2.81% (-0.02%).
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