Rate Update January 29, 2010
Mortgage rates are unchanged from yesterday.
This morning stocks are rallying putting upward pressure on mortgage rates. The Commerce Department released the latest GDP report which showed that the US economy grew by a 5.7% annualized rate in Q4 2009. Analysts had expected a reading of 4.8% so the better than expected results has Wall Street giddy.
Inflation measures within the GDP report showed price pressures remain subdued which is favorable for long-term interest rates including mortgages.
Similar to mortgage rates the yield on the 10-year Treasury Note has been trading near resistance for the past few days. Given that yields haven’t been able to muster up enough momentum to break below current levels we believe this will be as low as they barring any surprise event. We’ll remain in a locking position.
TNX: yields on 10-yr treasury times 10
Current outlook: locking
Posted: January 29th, 2010 under Rate Update.
Tags: jan 29 2010 direction of mortgage rates, jan 29 2010 MBS, jan 29 2010 mortgage rate advice, jan 29 2010 mortgage rate report, jan 29 2010 mortgage rates, jan 29 2010 should I lock or float my rate?