Pricing on mortgage rates are worse again this morning.
Stocks have started the day higher again today on better than expected jobless claims numbers. The weekly jobless claims figures declined sharply from last week raising optimism about the economic recovery. Good news for the economy is often bad news for mortgage rates.
Mortgage-backed bond (MBS) prices continue to hang onto technical support which is important. Should prices continue to decline we could see rates move sharply higher.
The US Treasury completes its weekly bond auctions today with $13 billion in 30 year bonds. Yesterday’s 10-year treasury notes were met with strong demand.
Current outlook: near-term locking, long-term float