September 14, 2021
Mortgage bonds held at their 100-day Moving Average this morning and with a move higher today have broken above their 30-day (better interest rates) with news of recent inflation being "transitory". I'm not sure if I trust the transitory notion yet, but the markets are liking it and that's positive for mortgage rates.
My focus will turn to the 10-year Treasury. It has broken beneath a few significant floors of support and if it opens below these tomorrow, we could see some reversal of the mortgage rate increases we've seen recently.
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