Orlando Mortgage Blog

Crazy Friday

February 7th, 2014 3:15 PM by BILL WILBANKS

Well, after this mornings Labor Department employment report came in showing an anemic 113,000 new jobs added rather than the forecasted 175,000, the second down month in a row, bond guru's quickly drove the market up which drove yields down to the 2.60% level on the 10yr. That was similar to Monday's levels that saw a 30 year fixed  quotable that morning as low as 4% on the perfect loan. But, within moments it rebounded back up 8 points currently bouncing around the 2.7% to 2.8% level this afternoon. Though the initial drop in yield foretold a better points drop on rates today if maintained, the quick turn-around still has proven to have improved most lender sheets by 0.25% discount point from late yesterday, with a very few as much as 0.375%. Even after yesterday's slight increase in points further distancing us from Monday's bottom of the bucket levels, the net effect appears to be a week that ended only about 0.125% higher on the rate today from Monday's low, but at levels that have generally been flat for over the last week or so. 

Bill Wilbanks
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Posted in:General
Posted by BILL WILBANKS on February 7th, 2014 3:15 PM

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