Today I expect rates to be p[retty much similar in pattern to earlier in the month.
While rates did rebound some from last weeks previous, and irrational, sell off on Friday they still seem to be in a pretty narrow trading range fluctuating in between 99-100 on the FNMA 3.5 coupon.
The start of today brings this in line as well showing the coupon at 99.688, which is a whopping (joking) 3bps lower than Fridays close.
On a bright spot the Friday rally last week did retrace over 75bps from previous days losses so that is a positive sign.
For an overall trend - do not expect rates to see much in the way of gains during the holiday stretch and for safety I recommend locking at time of application to remove the bigger potential of losses.
Make it a great week and have a Merry Christmas and Happy New Year to all...
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