Happy hump day. Yes, it’s Wednesday, so we’re midway through the week, but I’m seeing a more important hump that could be forming over the next couple days. Bond pricing is sitting at the top of a two year trend–a spot we hit 23 days ago before retracting back down. That type of “double top” is a formidable barrier which will prevent mortgage rates from improving further for some time if not breached soon. The good news is that we’re slowly sneaking back up on the previous high price line, which looks to be creating a solid foundation for further improvement. Nevertheless, it’s still a bit of alarm to lock in a good rate today if you can. I am.
