Fixed Mortgage Rates are down from yesterday.
Mortgage Backed Bonds were successful in bouncing off the 25 day moving average yesterday and keeping some momentum into today’s trading. The stock market pains are continuing to help bonds a bit as investor dollars are coming from the stock market into the bond market looking for a safe haven. Later today however, the Treasury will auction $59 Billion in various treasuries and bonds which could have a negative impact on bonds later today as more supply hits the market.
Current Outlook: floating while bonds stay above the 25 day moving average