1. March 20- the low point. I had
been calling for a correction because the
drop was justified but the size of the drop
wasn't so I was looking to see some ground
reclaimed in the market correct.
March 6-
Bonds climbed and hit a high mark
at $103.75 before losing steam.
(The "wick" above the flat means that
we closed roughly where we opened but
lower than the highs that day.) Losing
that head of steam from the run up,
bonds started getting hammered a blood bath
Today's close is right up against a 2nd
ensued. Over the next 10 days of trading,
layer of resistance. I locked all loans
Mortgage bonds dropped to a low point of
closing in the next 30 days today because this
$101.625 or 213 bp below that previous high water
is about where we "should be" from what I can
mark. To relate that, it's a jump in offered rates from
tell. There is a chance we'll make another move
3.75% to around 4.375%... 5/8ths of a point increase
higher but It's not worth the risk in my
over less than 2 weeks....That's a HUGE move in
opinion. We picked up .375% of what we lost and
the wrong direction.
that was enough for me to make a move on locking
loans.