Mortgage-backed bonds managed to rally yesterday afternoon bouncing off the 200-day moving average (blue line). This is good news for interest rates. The 30 year fixed rate is still hovering @ 6.125% but we may see that drop to 6.00% as more investors issue their morning rate sheets.
Watch today’s you tube video for a brief tutorial on how to interpret these charts…..
Current Outlook: neutral with a floating bias
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