Mortgage-backed bonds rallied yesterday afternoon pushing mortgages rates slightly lower. From a technical standpoint mortgage-backed bonds are trading in a wide range and there does not appear to be any significant resistance or support. Because there is no significant technical influence or heavy economic data out today we’ll keep an eye on the stock market. Should stocks rally we could see mortgage rates reverse higher and vice versa.
On a side note, I have posted a Wall Street Journal article on this blog which talks about global inflation pressure (to find simply search 'inflation'). This article would make excellent Sunday morning reading. In the long-term the pressures outlined in the article would push mortgage rates higher.
Current Outlook: neutral
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