March 16th, 2011 11:39 AM by BILL WILBANKS
It's an ongoing story. The DOW is down 128 points so far again today. The 10 yr is now down to 3.22%...WOW! But no real rate movement out there yet today. It got just below 3.30% yesterday AM and points fell 37.5 bps only to bounce right back by day's end. There should be at 3.22%, but apparently the risk premium from so many directions (Japan's disaster list and it's possible impact on the world economy, the whole middle-east thing, tentative inflation numbers, new home sales number, certain Girl Scout cookies being discontinued...no forget that one for now) has them keeping their cards close to their chest right now. Don't go to sleep if you are still in the market for a mortgage folks. You can't make this stuff up.
Update at 5 PM after closing: The 10 yr moved to 3.21% by late day and all we've seen is generally a 25 bps price "points" lowering which had no immediate effect on rate today. At 5 PM ET it sits at 3.19%. Will rates be grudgingly pushed down tomorrow? Didn't happen today. Buydown points looked better. Wait and see.