Bonds have been on a wild ride this week trading significantly lower until a sharp turn around Monday afternoon followed by a big rally yesterday, opening at their low and closing just off their high. The 30 year fixed rate is at it's best level in just over a month.
Bonds and stocks both finished up on the day which is not a normal occurrence. Oil was down over $5 on the day, the biggest one day drop in about 4 months.
Technically bonds broke through 2 levels of resistance and are just 28 bps below the 200 day moving average, which will be their next level of resistance to overcome. There are no major economic numbers for the rest of the week that should sway the market.
For the LOs out there....pricing should improve this morning as the late day repricing probably did not account for all of the upside benefit. If bonds open flat this morning expect slightly better rate sheets and it should be a prudent time to lock in those deals.
The above Mortgage Market Update information was provided by Bryan Flynn of Wells Fargo Home Mortgage. Bryan can be reached at Bryan.K.Flynn@wellsfargo.com or by phone at 508.363.2223. Bryan has worked in the Central Mass and Worcester area for the past 6 years as a mortgage loan officer.
More than likely, this is one of the largest and most important financial transactions you will ever make. I have a desire to help people out and love my job. You might need a mortgage only four or five times in your entire life... but I do them every single day. It's your home and your future. It's my profession and my passion. I'm ready to work for your best interest.