December 1st, 2010 9:07 AM by BILL WILBANKS
The 10yr bond closed out yesterday at 2.8041% and sat at 2.918% at 8:56 AM ET. Yesterday's sell off in treasurys has the 10 yr yield up 14 bps off yesterday's low. So I expect the points to be up around 0.25% again this AM when rate sheets are posted. A little positive information on the ADP showing 93,000 private sector jobs added didn't help the bond.
Update: Rates did post up 0.375% to 0.50% point higher than 24 hours ago. The special purchase only pricing effective for us today is all that keeps us at the purchase levels shown. If you are waiting for some reason...please monitor rates daily and be ready to take advantage of any dips that may come available. Remember you'll need a complete package submitted to do it.
2nd Update at 3:46 PM: The 10yr bond is now at 2.9754% after closing yesterday at 2.8041% and we just got our third points increase since yesterday. Well I guess 17+ bps bump on the 10yr is enough to do it. That's a full 75 bps since yesterday. Quite a difference over night.
3rd Update End Of Day: Took another 25 bps hit late day as lenders try to compensate for what is now an approximate 100 bps chnage in points since yesterday AM. DUCK!