Mortgage Market Guide - 12/08/08
Mortgage rate market didn't do so well on Friday which was a contrary to expectations/opinions from most analysts expectations. Hence they opened up worse this morning. The day was bumpy all day but closed in better shape. Some of that upward pressure subsided around two hours before close thankfully.
The bad news from the labor markets should have pushed rates down but had the opposite effect... any bad news was bad news for everyone. Treasury yields are the lowest they've been in a while.
I expect mortgage rates to improve but they are taking a break for the day. Look for some more rate improvement tomorrow.
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