Orlando Mortgage Blog

Rates Are Moving In Right Direction

October 29th, 2010 11:05 AM by BILL WILBANKS

 

The GDP report this morning came in slightly over the forecasted 1.7% at 2%, certainly not in a hurry to get anywhere fast if we want job growth anytime soon. This week's bond auctions went better than expected on the long end. After topping 2.71% early the week the 10 year Treasury closed out yesterday at 2.6576% after a pretty good 7 year auction finishing the 2yr-7yr series this week. This morning the 10 year Treasury has fallen 4 to 2.619% and those lenders that didn't drag them self to lower points slightly late yesterday appear to be doing so this morning. We are seeing the long end 30 year fixed purchase zero point quote back to a 4.125% for well qualified borrowers again this morning. Most point levels are down about 0.25% this morning so far.

Here's a very interesting technical article from yesterday that argues why we may see a slightly lower long rate next week (no it's not just because of the election Tuesday): Read on...

Posted in:General
Posted by BILL WILBANKS on October 29th, 2010 11:05 AM

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