April 17th, 2014
April 17, 2014; 10:43am
Interest rate trends: Today – Higher; 10 days – Flat; 25 days – Flat
Interest rate recommendation: Locking bias
Mortgage bonds (MBS’s) are taking a hit today on better than expected economic reports. The only good news for mortgage interest rates was Fed Chair Janet Yellen’s comments that a health Jobs Report is still a few years out, indicating to the stock market investors that interest rates should remain low for a long time. The Stock market is flat on all the news, but mortgage bonds are taking it on the chin – currently worse by -47bps. The equity and bond markets are closed tomorrow for Good Friday, another reason for bonds to move lower for the holiday long weekend. The next Market News and interest rate email will be on Monday April 21st. Have a great day and very nice holiday weekend!