Mortgage Bonds move higher.

After a sharp sell off earlier this week, mortgage bonds are making a comeback today and appear to be holding steady right at the 50 day and 200 day moving averages.  This has had a positive affect on rates this morning as I am quoting 30 year fixed conventional rates below 6% for the first time in over a week.

Initial jobless claims came out significantly worse than expected at 516,000 vs. the expected 479,000.  In addition, continuing jobless claims reached a 25 year high at 3.89 million.  This bad news for the economy is generally seen as a positive for the bond market as the likelihood of inflation lessens.

At the time of this post, the stock market is up slightly.

To keep up with the latest mortgage rates, go to www.SteveRussellOnline.com, or call 888-25-STEVE (78383)