As mortgage bond trading gets started for the week mortgage bonds are trading lower in price again, hitting a new 12 month low. See the chart here.
Remember, lower prices equals higher mortgage rates.
Mortgage bonds continue to see a level of price support. I will continue to watch for signs that a new level of price support is setting in.
Until then, I advise a locking rate stance on any new mortgage application.
Brett
www.BrettGrendahl.com
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