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
Click For Today's Rates
Posted in:General
Posted by BILL WILBANKS on February 7th, 2014 3:15 PM


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