September 16th, 2013 9:49 AM by BILL WILBANKS
Former Clinton era Treasury Secretary Larry Summers, who the markets have generally seen as being less accommodative to the markets, withdraws his name from the running Sunday for the FOMC chairman position and the markets see it as a reason to rally. At the time of this update the DOW has rallied up by 143 points, the S&P is up to 1703 near record high and the interest rate important 10-yr Treasury is down from Friday's close at 2.89% to 2.78% on first blush this morning. It remains to be seen what impact this may have on mortgage rates this morning, especially with this weeks highly anticipated FOMC meeting results due out Wednesday at 2 PM. That is when markets will get the results awaited since May this year on what and how much tapering of FED purchases the FOMC may decide upon. Should have a better idea when rates are posted before noon today. May be your chance to jump on a rate improvement if you are ready today. Further follow-up: http://www.mortgagenewsdaily.com/consumer_rates/324461.aspx
UPDATE:1:45 pm: The bloom appears to be off this morning's "Summers" news. The 10-yr has edged back up this afternoon to 2.86% or within 3 bp of Friday's closing number. Many lenders have updated their price sheets this afternoon for the worse. Best advise...get a current quote this afternoon.
4:00 pm: 10-yr closed at 2.88%....where it started out this morning. Hope you took advantage of the best pricing window this month....this morning.