Rate Update February 2, 2010
Mortgage rates are mostly unchanged from yesterday.
There is not much in the way of substantial economic data today. Stocks are trading higher thanks to better than expected Q4 earnings from D.R. Horton (DHI). The homebuilder reported a quarterly profit for the first time since 2007.
Bond traders appear to be on hold until tomorrow when the Treasury announces the bond supply for next week’s auctions. In the past two auction weeks the US Treasury has auctioned almost $120 billion per week. An announcement north of this could pressure rates higher.
And from Gobblers Knob, PA this morning Punxsutawney Phil did witness his shadow which means 6 more weeks of winter….bummer. Someone should ship that rat to Mongolia.
Mortgage rates have now traded in a tight range for an extended period so we’ll need to be cautious of a break-out in the future.
Current outlook: locking