Austin Mortgage Market Update – Slip Sliding Away

“You know the nearer your destination, the more you’re slip sliding away”.  Paul Simon’s lyrics seems fitting today as the market continue to press lower.  Maybe it’s that traders are seeing a poor 5 year note auction in the making or maybe it’s just profit taking. No matter, the 10 year note is now off 1 point and mortgage backs are off 15/32’s.  Fingers crossed for a good auction results due out in 15 minutes.  Careful out there.

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