On the mortgage bond front, there is no data this morning and still a bit of a positive bias until the benchmark bond hits the resistance level and then it tops out. It has been toying with the 103.80 resistance level for 4 days in a row now and hasn't managed to close above that level. If it can close above the 1st resistance level, there's room for more improvement. That said, there's also plenty of room for prices to fall consider the support level is at 103.36 and the benchmark bond has been over bought since September 25th. Here's the chart:
I'll be up in Salt Lake City on Business through Wednesday evening so I doubt I'll be able to post anything until Thursday. Please feel free to contact me at 702-812-1214 for any information you may need on the direction of interest rates or mortgage programs.
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