Well, it finally happened. Rates are up slightly today, breaking the 9 day willing streak. In mortgage terms, anything over 5 days of gains in the bond market warrants a bounce in the opposite direction. Bonds started out the day in weaker territory from the overnight session. ADP Employment and Jobless Claims initiated more selling, and then around 10:30am, stock prices and bond yields bounced concurrently. Bonds struggled to make it back to positive territory before markets closed. The main event this week is the NFP report tomorrow. Depending on how weak (or strong) the numbers are (anticipated 175k), markets could see some significant movement after the report comes out. Check back tomorrow tor more up to date news.
Bookmark this page for daily mortgage updates:
• 30 year (FRM) rates at 3.37% (+0.03%).
• 15 year (FRM) rates at 2.71% (+0.02%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.45% (+0.03%).
• 5/1 ARM rates at 2.83% (+0.03%).
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