Weaker than expected reports on exisging home sales and the Philadelphia Fed Index gave bonds a boost Thursday afternoon, pushing the yield on the 10 year note down to 3.16% from over 3.20% early Thursday morning. According to the National Association of Realtors the drop in home sales is the result of unnecessarily tight lending standards and low appraisals. I do not think that is a real news flash and will probably only get worse with the continued implementation of regulations and the rise of the Consumer Finance Protection Bureau.
For today, pricing on mortgages is flat from the price improvement late Thursday afternoon.
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