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April 10th, 2014

April 10, 2014; 9:55am

Good morning!

Interest rate trends: Today – Lower; 10 days – Flat; 25 days – Flat

Interest rate recommendation:  Locking later today.

Mortgage bonds (MBS’s) are doing well this morning, currently better by +38bps, mainly due to a retreating stock market.  MBS’s are presently above the 2nd layer of resistance, so although we hope to get better pricing throughout the day today, technically there will be headwind pressure for bond prices to pull back.  Thus the locking bias, but waiting until afternoon to confirm.  Interest rates did improve slightly today, so get ready to lock and enjoy.  Initial Jobless Claims declined by 32k to 300k, below the expected 325k.  Possibly showing some strengthening in the employment market.  Have a great day! 

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