Bonds, notes and mortgage backs had a nice start to the day, rallying as Consumer Confidence painted a bleak view going forward. Just out, the 2 year auction results are taking a little wind out of our sails. Indirect bidders took only 20.5 billion versus last month’s 37.2 billion. The bid to cover was ok at 2.75 to 1.0 but the issue produced a 2.5 bps tail. Ok auction results at best. Given the print, the 10 year has shed 10/32’s in a nano second and I’m afraid the reprice for the better will go away as well. Volatile mortgage price action as stocks are off 52 points on the big board and bonds trade like a Six Flags ride. Proceed with caution.
Volatile mortgage price action as stocks are off 52 points on the big board and bonds trade like a Six Flags ride
About the Author: Max Leaman Austin Mortgage
Great Rates, Low Fees, Close on Time® – (800) 301-3405 Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.
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