Pricing on mortgage rates are worse again this morning.
Mortgage-backed bonds (MBS’s) have now broken below important layers of technical support. If they close below these levels again today I would expect rates to remain higher for the next couple weeks. Fortunately I shifted my near-term outlook to locking a week ago so hopefully existing clients are protected. If a person can afford to wait 30+ days I think there is a compelling case for floating.
The economic calendar is light today so I would expect interest rates to react to the stock market.
Current outlook: near-term locking, long-term float