Today was a perfect example of the overall economic recovery impacting mortgage rates. The jobs report plus the stock market has been on fire with the S&P over 1500 today. And what does that do to rates? Here was the commentary from my office this A.M.
"Mortgage Bonds opened higher this morning but
quickly reversed lower after Americans seeking jobless benefits fell to their
lowest levels in five years.
The Dow and S&P 500 continue to move to multi-year highs causing investor dollars to shift from the Bond markets and into more riskier assets.
A locking bias is recommended in the short-term, which is days to two weeks, but in the longer term floating is prudent.
The Dow and S&P 500 continue to move to multi-year highs causing investor dollars to shift from the Bond markets and into more riskier assets.
A locking bias is recommended in the short-term, which is days to two weeks, but in the longer term floating is prudent.
As always keep a close eye on the market for any changes.
MBS
-22bps (Mortgage Back Securities Worse by)
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