The Durable Goods numbers were a mixed bag...what else is new? In total, durable goods came in at .4 vs. consensus estimates at .8 so that was disappointing (albeit much better than the previous reading of -1.4). The numbers ex-transportation were much better at 4.0 vs. estimates of .4 and previous of -.4. One would think that this would drive traders to sell but their focus was likely more on the overall number which was disappointing.
Currently the benchmark bond is up 27 basis points at 102.37, 9 basis points off the high for the morning. The RSI is above the 50 mark so it's closer to overbought than oversold. At the current price, the bond is 6 basis points above the first level of resistance and 24 basis points below the 2nd level of resistance. I would feel great about locking now for any loans closing in the next 15 days and I would float (always with caution) for loans closing beyond 15 days.
Feel free to contact me if I can help with anything mortgage related: 702-812-1214. Make it a great day and a better weekend.
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