Austin mortgage pricing should remain relatively stable for most of the week and then worsen post Unemployment Report data on Friday
Looking at last week’s rally, most of the trade was on short covering which means that traders were not initiating new long positions (expecting the market to continue to rally). We buy that argument and if correct, we would suggest that you “buy the rumor, sell the news”. In English, this means that mortgage pricing should remain relatively stable for most of the week and then worsen post Unemployment Report data on Friday