Mortgage Rates 6/17/15
Mortgage Backed Securities started the day a little lower this am, then sold off substantially, but have been in rally mode since the Fed statements an hour ago and are trading in positive territory! In the Fed minutes they continued to say things are moving in the right direction and 15 members say they see a hike happening this year. The good news is how the markets reacted to the Fed statement, maybe knowing will take the jitters away. We still have tough overhead resistance, technically speaking, and are trading below the 200 Day Moving Average and probably will be for months if history is any lesson. Overall I still believe we are in a locking environment and there is more opportunity for rates to go up than down.