Damn. Good news everywhere. The bond market likes bad news and must have it for rates to go lower. News, news everywhere, and nary a scary drop.
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This last week extended the June freeze: The 10-year T-note this week traded between 2.19 percent and 2.14 percent; mortgages are not moving at all, hovering close to 4.00 percent; and the S&P 500 stayed between 2435 and 2447.
Have fun with this one: The Fed hikes, and mortgage rates fall. True. And it’s not the first time! Long-term rates have fallen after each of the three increases in the cost of money since the election.
Last week was quiet, eh? In financial markets — that was certainly so, as the great freeze continues. The mortgage-driving 10-year T-note stayed in a band 2.14-2.21 percent (too tight to call it a “range”), leaving mortgages unchanged near 4.00 percent.