Today in the mortgage markets, we had a couple of different elements affecting the outcome. Firstly, the opening of the NYSE at 9:30am EST started with some volatility in the bond market. The gains yesterday appeared to be the result of bond traders "short-covering" their positions ahead of next week's Fed announcement. In addition, today's Retail Sales report came in weaker than anticipated. Bonds started selling very shortly after the economic report was released. The net result was a relatively flat day, with the idea that the upcoming trend will continue to be sideways ahead of next week's Fed Announcement. If we fail to see any new "highs" following tomorrow's CPI data come out, we can confirm that prediction. Check back here tomorrow for more mortgage news and rates.
• 30 year (FRM) rates at 3.47% (+0.00%).
• 15 year (FRM) rates at 2.82% (+0.00%).
• FHA 30 year Fixed rates at 3.30% (+0.00%).
• Jumbo 30 year Fixed rates at 3.62% (-0.01%).
• 5/1 ARM rates at 2.86% (-0.01%).
Didn't find the answer you wanted? Ask one of your own.