Rate Update September 13, 2010
Pricing on mortgage rates are worse again this morning.
China reported over the weekend that industrial production and retails sales were better than expected. China is viewed as a driver of global economic activity so the news is creating optimism about the global economic recovery.
International bank regulators released new guidelines for banks over the weekend that were less stringent that the market had expected. Lesser bank regulations create lower costs which is also good news for stocks.
Both of these headlines are good news for stocks and bad news for mortgage rates. Mortgage-backed bond prices have now slipped below important layers of technical support. I am going to shift my outlook to locking.
Current outlook: locking