Good Afternoon,
I hope your day is going well for you.
In the Markets today, Mortgage Bonds are trading lower and flirting with several Moving Averages, as the 50-, 100- and 200-day Moving Averages all lay within a few basis points of current levels.
In other news, Initial Jobless Claims rose slightly more than expected. However, the closely watched four-week moving average fell for a fifth straight week to the lowest level since January. Continuing Jobless Claims also fell for a third straight week to the lowest since April--but this number may be misleading since many people are coming off the list because their benefits have simply run out.
With Bonds struggling this morning and a hefty Treasury auction on tap today that may pressure Bonds, I recommend locking. The good news is, despite all the chaos of the markets, the 30-year mortgage rates are still near multi-year lows and still present a great opportunity.
Don't forget to follow me on Twitter @MortgageMinute for more information and updates. In the meantime, if there is ever anything that I can do for you, please let me know.
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