Bonds rallied Thursday, finally, and we have seen 10-year trade back down to a 3.39% this morning, 17 bps lower than it traded yesterday morning. This rally is in spite of good economic data from the Conference Board as it reported its index of U.S. leading economic indicators increased in November by 1.1%, the most in eight months, a signal that the U.S. economic recovery will strengthen early next year.
The House passed the tax cut extension bill late yesterday with a surprising amount of support and a final vote tally of 277 to 148. The bill will now makes its way to the President’s desk for signature at which point we can rest assured our paychecks will not be cut by an increase in tax rates on January 1st.
Mortgage pricing has improved this morning by .375% to .50%, and I would consider this an excellent day to lock and take advantage of this brief rally.
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