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Interest rates have been trading between 4.75% and 5.125% over the past week on a 30 year mortgage.
Mortgage Bonds continue to show resilience and have managed to bounce off support at the 200-Day Moving Average this morning.
In the news, Consumer Sentiment came in stronger than expectations. Typically, better-than-expected news would pressure Mortgage Bonds lower, but prices were actually able to move a bit higher. Helping Bonds shrug off the news were the positive auction results of the past three days.
Currently, Mortgage Bonds are moving sideways to higher along support at the 200-Day Moving Average. I recommend floating for now, but be prepared to lock if the situation changes.