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Rates will be up on positive employment report
November 5th, 2010 10:15 AM by BILL WILBANKS
Good news is bad news in some neighborhoods. The bond market is a good example this morning. Though we saw a nice drop in the late afternoon yesterday, this mornings better than expected employment report showing a definite uptick in hirings of 150,000 last month bumped the 10 year from yesterdays closing low of 2.4830% to the current 2.5051%. Looks like lenders took back the drop and are now pricing pretty much where it was the day before. But since it appears most loan pipelines are beginning to catch up from the most recent bombardment of refinance applications I don't see anyone rushing to make any major rate bumps. When you get a taste of sugar you want more and offering low rates has been about the only tool in the mortgage originators tool box for many months. But it does prove that when you see a nice rate drop like we saw yesterday, when you snooze you can definitely loose as we did this morning. Don't be greedy at these rate levels folks. If you see a great rate . . . what are you waiting on? Our rate watch folks knew about it...are you on the list yet?
Posted by BILL WILBANKS on November 5th, 2010 10:15 AM
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