Stocks rallied back from a negative open, forcing fixed income products, including mortgage backed securities to lose a little ground. Jobless Claims led the U.S. bond market rally, pressing yields lower and improving Austin mortgage pricing as 12K were added to the unemployment list. Existing Home Sales jumped 7.6% but that was a recovery from Armageddon which still puts the mark at 11 year lows.
Wanted to let this fly as current level mortgage pricing is now off 8/32’s as stocks continue to improve. Worsening Austin mortgage rates are a NY minute away.