May 11th, 2011 12:43 PM by BILL WILBANKS
Points eventually appeared to have increased by 25 bps by late afternoon yesterday as the 10 year moved up from the 3.16% area to 3.2154% by the end of business. It currently sat at 3.2097% at 9:36 this AM. The current breakthough basement is thought to be 3.15% and the ceiling at 3.25%. Today we have a $24 bln 10-yr note auction. That could break the line but only time will tell later today. These great rates have sure been nice the last few days though.
Noon Update: The 25 bps point bump late yesterday held this AM so no real movement at the moment from late yesterday. Remember you need a complete application package submitted to lock a rate. Why not get a jump on it. You can do it all online right now.