Mortgage Bonds Heading Up
Good news this morning as mortgage bonds are trading higher and looking to breakout of the current tight range they have been in for weeks.
There is another layer of technical resistance in their path but right now things are looking promising for slightly lower mortgage rates ahead.
My two cents: the market pyschology is beginning it's turn to a "reality of thought" that the Federal Reserve will move to cutting their Overnight Rate in the coming six months. It might take 2-3 months for this to gain traction in the minds of the market participants and spill over to the general media.
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