Fixed Mortgage Rates are up from Friday.
Mortgage Backed Bonds continue to trade below the 25 day moving average but are showing signs of strength this morning as they are already up 19 basis points in early morning trading. This improvement is likely from the Stock market’s slump this morning, which is already over 200 points lower after a couple hours of trading.
If bonds can keep gaining a bit of momentum throughout the day, we may see some rate improvement later in the day or tomorrow.
Current Outlook: Floating