Despite our being down, and the incredibly likelihood of investors taking profit in a sell off, our market surged ahead today breaking through recent resistance levels on the coattails of the 10 year treasury auction.
Although we are currently only up 4 ticks on the day, the fact that we are breaking through recent highs, and old resistance levels are now acting as support is very significant. Point in fact the 4.5 coupon is trading over 103 right now, and 4.00 coupon is trading above 100. These price points suggest these low interest rates are sustainable at least for a short period of time.
Granted there will be market fluctuation, and I am still expecting a profit taking sell off, regardless investors and international players have made it clear, currently our long term markets is where the safe money is.
A reprice was just published offering 4.25% on a 30 year fixed with an APR of 4.5.10% WOW.... difficult to say if tomorrows morning rate sheet will trump these rates...
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