Good Morning,
Happy Friday the 13th of November. I hope that your day is off to a terrific start so far.
In the Markets, Mortgage Bonds are trading near unchanged levels this morning, despite the Consumer Sentiment Index coming in much lower than expected.
In other news, the Fed stepped in yesterday with more buying of Mortgage Backed Securities, which helped Bond prices recover from news of a weak Treasury Auction. However, now is a good time to remember that the Fed is winding down that type of buying support, which will likely result in Bond prices moving lower and home loan rates rising over the coming months.
Currently, Bonds facing a tough level of resistance that they haven't been able to move above since early October. Therefore, I suggest locking in the current gains, especially if closing is coming within the next week or so. If you have any questions, please let me know. In the meantime, I hope that you have a great rest of your day and a terrific weekend ahead. If there is ever anything that I can do for you, please let me know.
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