Bond markets began the week in perilous territory. We had last Friday's stronger than expected jobs report, which pushed yields back towards pre-Brexit ranges. In addition, we had supply increasing, both in terms of corporate bonds and treasury auctions. These both made the outlook for the week a bit dismal. Today has been a rally in the opposite direction. This rally began with help from a productivity report that came in weaker than expected at -0.5% VS -0.4%. Other factors that worked in today's favor were that bonds were light in supply for the European Markets. The Bank of England attempted to purchase bonds earlier in the day, and there was a significant lack of supply. The gains resulting from the European struggles, compounded with the early morning rally made for a good day for mortgage rates. Check back later in the week for more up to date mortgage news.
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• 30 year (FRM) rates at 3.40% (-0.03%).
• 15 year (FRM) rates at 2.75% (-0.02%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.49% (-0.08%).
• 5/1 ARM rates at 2.83% (-0.01%).
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