Locking bias

After taking a beating yesterday, mortgage bonds are once again being lashed this morning.  Once the 10 Year Treasury Note yield hit the target of 2.18%, the anticipated bounce higher resumed. With current yields now at 2.24%, it seems likely that we will see yields climb to their next ceiling of resistance at 2.31%. Such a move will push mortgage interest rates higher in the process, putting an end to the nice downward channel in which they have been traveling for the past several weeks.


Stocks are climbing higher this morning, seemingly ignoring a verbal threat from North Korean’s Leader, Kim Jong-un stating that a super-mighty pre-emptive strike will reduce the US to ashes. It seems that much of the world has become immune to Kim’s off the wall comments. However, it’s hard to ignore the recent uptick in threats and posturing he has made against President Trump and the US.  At some point, we could see things escalate beyond current levels, at which time the markets will be forced to take notice.


With bonds under pressure, we will maintain our locking bias.

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