What's going on and why does it matter?
Mortgage bonds are trading firmly below their 200-day moving average. It seems like bond trading will continue to be range-bound during this holiday-shortened trading week. The Fed's mortgage bond buying program today is limited to $520 million of 15-year conventional mortgages, but they'll be back in the market tomorrow with a sizable purchase of 30-year conventional mortgages. The bond market is closed on Thursday for the Thanksgiving holiday, and there is only a half-day of trading scheduled for Friday.
What should you do about it?
Lock your rate to be safe.
Economic reports that may impact mortgage rates this week: