Rate Update October 7, 2009
Mortgage rates are unchanged from yesterday.
Our attention remains on stocks and the US Treasury auctions since there is no significant economic data out today.
Mortgage-backed bonds touched levels not seen since the spring late last week. Since then they’ve traded sideways. At this point mortgage rates are at all-time lows and we believe the risk of rates reversing higher outweighs the benefit of them moving lower by another .125%-.25%.
We will remain in a locking position.
Current outlook: locking