And We're.... Off!

It was a questionable start this morning, when the opening bell sounded and traders found themselves back at their desks after a long weekend. As you can see our market is currently enjoying gains and is up about 9 ticks on the day. This will lead to slightly better pricing than what was available at the close of last week. With that said lenders have not priced these gains into their rate sheets yet, and are hedging against possible market shifts.

With the improved pricing, we have hit new highs which will lead to better pricing. With that said we have to be mindful of settlement, which is approaching and will curb our market somewhat. All things considered however, this is not something you should be too concerned over unless you are looking to lock your loan and close in the next couple of weeks. If you have time, settlement will come and go as it does every month and is business as usual.

We can thank the low treasury yield for these currently favorable rates. Keep a close eye on this indicator if you want to know the future before it happens. Should the yield on the 10 year treasury raise above 3.000%, you can expect interest rates for mortgage to go up. As long as the ten year remains below 3.000%, we will enjoy these incredibly low rates.