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Real Estate Chart of the Day
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If you were floating your mortgage rate overnight, there is some bad news coming out of the trading pits. Mortgage rates are getting killed this morning.
Low trading volume related to Good Friday generated extreme reactions to this morning's Non-Farm Payrolls. When the jobs report showed 180,000 new jobs created -- a hot number by any standard -- the reaction was swift and decisive.
Mortgage bonds are off 22 basis points and it's not even 10:00 A.M. on Wall Street. The carnage won't be limited to just today, either.
The stock market is closed today so when it re-opens Monday, capital will want to flow into stocks based on the perceived strength of the economy. Some (most?) of those dollars will come from the bond market and that will place further downward pressure on bond prices.
When bond prices go down, their yields go up and yields = rates for those new to the game. Markets close at 1:00 P.M. ET today so get your locks in quickly.
Update (10:07 A.M.): Mortgage bonds are now off 29 bps on the day.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
You can also find Dan on Twitter and Google+.
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