Well so much for hoping rates would stay above the 200 day moving average as I hoped ina blog post last night: May 28th Mortgage Bond Chart
Bonds gapped open lower today by a negative 31 bps. We are now down 75 bps are should lock everything under the sun for now as there is still a decent amount of downside in the bond market.
The GDP grow for the first quarter was revised upward to 0.9% from 0.6% and the job market is still showing some stability. Overall decent news. Watch for my selling pressure this afternoon. Bonds have been in a sideways trading range since the middle of march and it seems we have broken through the downside of that range today.