Wow - What a Day We Had With Mortgage Rates!

After bond markets showed a surprising amount of strength following NFP, we'd discussed to possibility of a more developed bounce back lasting anywhere from 1-3 days and then taking guidance from Retail Sales. Weakness began creeping up in the overnight session, but was fairly manageable for the first two hours of the day. Volatility picked up after 10am, and although we caught a fairly good bounce heading into the noon hour, everything in the PM pointed toward weaker prices. By the end of the day, MBS and Treasuries both jumped on the bandwagon and shed roughly half a point in price. Does this mean we're heading back in the other direction now? It's possible, but tomorrow morning's Retail Sales and other data will probably decide.

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Call The Money Man - Rates & Trends

 

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