Weekly claims came out this morning with an unexpected drop of 31,000. The four week moving average was 486,750, which is an increase of 3,250. This wasn’t too much of a market mover, and bond pricing opened only slightly higher than yesterday’s close. We also just had the auctioning of $29Billion of 7 yrs, with the yield at 1.989% , a bid-to-cover of 2.98, and indirects in at 56.7%. Overall a nice auction. The treasury market has reacted favorably, but the MBS spreads are working against us… meaning that MBS pricing has not kept the pace with Treasuries. With the GDP release tomorrow, Austin mortgage borrowers are advised to lock their interest rates with the float down in preparation for a stress-free weekend.
With the GDP release tomorrow, Austin mortgage borrowers are advised to lock their interest rates with the float down in preparation for a stress-free weekend
August 26, 2010|Austin Mortgage Market|
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