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Market Update - Thursday, June 9, 2016
What's going on and why does it matter?
There have been only two instances in the past 12 months where mortgage pricing has been as good as it is right now.  Mortgage bond prices have approached their highest levels of the year amidst global economic growth worries.  The 10-year US treasury yield broke below 1.7%, an important technical indicator that may signal lower rates ahead.  Government bond yields across the world are also at record lows with German 10 yr government bond yields approaching 0%.  Asia and Europe have taken the spotlight this week with dissappointing economic reports showing weakness in their economies.  Reports that several prominent investors have started to short global stock markets also seem to be contributing to the market's fears this week.  Mortgage bonds are likely to continue drifting sideways and higher amidst all the market uncertainty.

What should you do about it?
Enjoy the uptick in bond prices, but be prepared to lock quickly if the market changes directions.  Keep in mind that mortgage pricing quickly deteriorated the last time mortgage bonds approached these lofy levels.
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