12/29/09

Rates were up again yesterday, but then improved ever so slightly in spite of a mediocre 2-year note auction. This morning, and this week, we will have the S&P/Case-Shiller index, the Chicago Purchasing Manager’s Survey, Jobless Claims. One thing working in our favor is that the bond market is technically extremely “oversold”, so, like a spring, may be due to head the other way. But there is no bounce-back yet. This morning mortgage rates are worse by another .125.