It will be interesting to see if bond prices can break above this critical level, or if they'll get turned down.
What's going on and why does it matter?
Mortgage bonds are trading at an important crossroad as their 10-day, 30-day, and 200-day moving averages are all getting ready to converge.
The Fed is scheduled to purchase a very sizable $2.05 billion of 15-year and 30-year conventional mortgage bonds today, so that may help. Later this morning we have the existing home sales report; but other than that, the economic calendar is relatively quiet.
What should you do about it?
What should you do about it?
Watch and see if mortgage bonds can break out of this narrow trading range, but be prepared to lock your rate quickly if bond prices start heading south.
Danny Smith, CMPS
NMLS #138873
512-773-6528
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