So today the bonds are coming back on the upscale again, and stocks are down just a little bit. With quite a few significant reports today we could see some market volatility throughout the day and into late afternoon. Currently, though, the MBS is 19bps up from yesterday’s ending, and the 10 Year Treasury is 18bps up.
With regard to the economic reports, the Hourly Earnings, Average Work Week, Non-Farm Payrolls, Unemployment Rate, and the ISM Index were all released this morning. If you want to know more about each report, please let me know and I’ll get some information out to you.
The next economic report that is scheduled for release is on Tuesday February 5th, but that is not a significant report to the mortgage economy. So, rates will primarily be driven on Monday and Tuesday by any market shifts.
With regard to locking and floating, due to the lack of economic reports, I am extending the float suggestion at least until this afternoon.
3:30pm – Lock in those loans at this point (if your bank has re-posted already). If the bank has not re-posted, wait until end of business to lock. We should see a huge shift (typical shift in MBS and overall bonds) on Monday.
