Good Morning,
I hope that your day is off to a fabulous start. Mortgage Rates continue to stay at record low levels.
In the news today, Fed Chairman Ben Bernanke said last night that the results from the stress tests on the 19 largest US Banks yielded "encouraging" results and has calmed the Stock markets after yesterday’s sell off.
Mortgage Bonds are also little changed but have managed to weather some early morning profit taking that had pressured prices lower after the recent gains.
A look at "technical" signals in the market show the price of the Bond presently leaning up against a dual layer ceiling of resistance at both the 50 and 100-day Moving Averages.
If Stocks falter, it would give Mortgage Bonds the momentum needed to push through the overhead ceiling. That being said, I can certainly recommend careful floating for now, but be ready to lock if the market dictates.
In the meantime, I hope the rest of your day is terrific for you. If there is ever anything that I can do for you, please let me know.
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