Fixed rates are slightly higher this morning due to positive news regarding the housing market as well as technical trading patterns.
This morning’s S & P Case-Shiller report shows that although home prices declined in all of the 20 urban markets it covers, the annualized decline was less than previous reports (for an explanation as to why this particular report is thought to be more accurate than other real estate reports watch the first 3:00 minutes of this you tube video I made last year). Many analysts think this may signal the “bottom of the market”. As a result, mortgage-backed bonds have retreated this morning.
In addition, technical trading patterns are likely also playing a role as prices traded near resistance yesterday afternoon.
Current Outlook: Locking in the near term