The relentless bond rally continues this morning as U.S. and global stock markets sink as the Conference Board, an economic and industry group, reported its index of consumer confidence fell to 52.9 in June from a reading of 62.7 in May. In addition to slipping consumer confidence, the Conference Board also reported that growth in China is slowing. The combination of these two reports layered on top of continued concerns regarding the sovereign debt of many European countries has investors fleeing to the perceived safety of U.S. treasuries. The yield on the 10 year note fell below 3% this morning, and traded as low as 2.95%. As of this writing the 10 year note yield stands at 2.99%, while U.S. stock markets are selling off.
Mortgage prices have improved between .125% and .25% from the close on Monday.
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