Slowly but surely mortgage prices are improving, now technically as friendly as we have had in a month. Treasuries this morning leading the way early with the 10 yr at 8:30 +11/32 at 3.45% -4 BP and mortgage prices +3/32. One issue we continue to be concerned with; the bellwether 10 yr note is not as strong technically as we would want to see to become more bullish on the mortgage market. The 10 is still not able to crack its key MAs on the yield chart, keeping a slightly nervous tone on mortgages.
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