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April 22nd, 2014

April 22, 2014; 9:15am

Good morning!

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

Interest rate recommendation:  Locking bias

Mortgage bonds (MBS’s) are currently flat, but worsening.  Yesterday we saw a worsening trend from morning throughout the day.  We expect the worsening trend to continue, but only just a little.  We are changing to a locking bias until news comes that cause bonds to change course.  March Existing Home Sales came in 0.2% lower than February and the lowest since July of 2012.  The Richmond Fed Manufacturing Index came in above expectations, causing the stock markets to improve and the bond markets to retreat.  The Treasury auction today of $32 billion is also weighing on bonds.  Have a great day!

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