Fixed Mortgage Rates are even with yesterday.
Currently Mortgage Backed Bonds are trading all over the board as they have already hit both the 25 and 50-day moving averages. Luckily bonds were able to bounce off the 25-day moving average so if this can hold true, we should see rates remain the same as the day continues. In the last few weeks you will notice that I have mainly concentrated on the technical trading patterns of bonds rather than economic factors. This is because it seems as whatever news comes out, or whatever happens in the stock market recently; has not had much effect on bonds being able to break through either level of resistance in the 25 or 50-day moving average.
As bonds continue to trade in this very small range of about 40 basis points, I expect interest rates to stay within about .125% to .25% from where they are today.
Current Outlook: Cautiously floating as bonds trade above the 25 day moving average