Good Thursday AM,
I’ve really don’t have much for you today. Durable goods orders are in the toilet, which should be bond friendly, but the bond rally attempt from yesterday has already fizzled and the ten-year is pushing up against 2.35%. Mortgage Bonds also opened weak and are now sitting on a key level of support. As I have been repeatedly saying, this market is extremely hard to forecast and nobody knows where the bottom is for bond prices. It is for these reasons that your pipeline should remain locked and you should be over-communicating with your borrowers. It helps borrowers when they understand a couple of the primary drivers that impact rates each day. Having regular two minute discussions with your borrowers during these uncertain times will set you apart from the pack!
Please remain safe and healthy.