Friday the 13th. Ominous? Scary? The title of a movie? Or just another day to kick off a summer weekend?
Who knows, I'm here to write about mortgage rates today.
Well, mortgage bonds made it through the June jobs report holding their ground. All in all, conforming rates have been moving in about a 0.25 range over the past few weeks. So, fairly stable.
Take a look at the chart below. I'm writing this blog post before the market open so we will see what today brings. Yesterday the mortgage bond market made some good gains and set a pivot point in place, for now.
I'm looking for continuation of the upside price momentum this morning. What I'd like to see is that price get back above the red horizontal line in the chart below. That red line shows where price resistance is expected. If the market can gain above that resistance and hold its price, we should see rates holding their levels with possible improvement into next week.
Have a great weekend!
Brett
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