Its a crazy up and down day today in the secondary market, currently we are up on the day, but there are no guarantees that these gains will hold. With the stock market down this first day in June, I anticipate our market will follow the lead of the equity markets. The treasury market is currently cooperating producing a yield of 3.28 on the ten year.
This volatility suggests the secondary market is currently under pressure from both the bulls and bears. This will lead to consolidation which will result in a breakout in either direction. Which direction is difficult to predict but I am anticipating what we are experiencing now is the high point (highs lead to the lower rates). After consolidation we will see our market retract and higher rates will follow. Now is the time to lock your rate... See the snapshot of our market to the right.
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