Interest rates this morning are slightly lower than yesterdays published rates sheets, and the market this morning is suggesting better rates to come this afternoon. That is, should the market hold and/or post additional gains we will be due a reprice for the better.
With that said we do have a treasury auction tomorrow for the 10 year note. This could make or break interest rates right now. Point in fact the yield on the 10 year right now is just below 4.000. This is a great opportunity for indirect bidders (foreign investors). If the indirect bid is strong this will have a positive effect on interest rates and we should see pricing improve in the short term.
This post is meant to inform all of you floating interest rates to get ready to lock. If you have been reading this blog you understand that the trend right now is rising interest rates. Regardless the market does not move in flat lines, like any market a chart of the Mortgage Backed Securities market looks like a mountain range. Catching and locking your rate at the right part of this range is critical. Doing so will save you substantially in closing or may even lower your rate.
With rising rates catching these low points is even more critical. Today and tomorrow offer opportunities that we should not overlook.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment