Good Morning,
I hope that your Friday is going great for you so far.
In the markets today, Mortgage Bonds are near unchanged from yesterday's sell off, which pressured prices lower throughout the entire day.
In the news, Treasury announced that it was going to sell $162 Billion worth of Bonds next week. That is an enormous amount of paper that has to be absorbed by the market and the additional supply may make it difficult for Bond prices to make any meaningful gains.
Currently, the Bond is sitting near an important level of support. Therefore, I recommend floating for now if you are a ways away from closing, but chances are good that a lock may be in order if a closing is near, especially in anticipation of next week's Treasury sales.
Since the Bond market will be closed Monday for the Memorial Day Holiday, my next update will be next Tuesday. In the meantime, I hope you have a fabulous rest of your day, and a great, fun-filled and relaxing weekend ahead. If there is ever anything that I can do for you, please let me know.
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