Commentary: Different day - same story.
Uncle Sam is once again thrashing around in the credit markets today looking to borrow $21 billion in the form of 10-year notes. These securities are currently carrying their highest yields in the last six months - so the potential is high this debt offering will draw decent investor demand. If so, look for this event to be supportive of steady to perhaps fractionally lower mortgage interest rates. A poorly bid auction today will almost certainly put some noticeable upward pressure on mortgage interest rates.
The economic calendar offers little of significance today. Under these conditions trading action in the stock markets will likely exert more than normal influence on the trend trajectory of mortgage interest rates. Look for falling stock prices to be supportive of steady to perhaps fractionally lower mortgage interest rates while rising stock prices will have an inclination to nudge mortgage interest rates higher.
Be patient . be disciplined . and play it by the numbers.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
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About Me
- David Kimmer
- Beaverton, OR, United States
- David is a loan officer for American Pacific Mortgage. He has worked in the lending industry since 2000. Prior to that he invested 19 years in the insurance industry. He enjoys helping people finance the purchase of their dream home.
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