Terrible Rate Week. Time For Family Detox.

After today’s better than expected ISM manufacturing data, mortgage bonds extend losses for a fifth straight day, pushing rates up .25% to .375% on the week. As yesterday’s recap noted, bonds have broken below the 200-day moving average and the next level of pricing support is 45 basis points below current levels. So rates could get worse still if bonds continue to drop.

If I wasn’t already trying to be on vacation, this market activity pushes me toward an early Independence Day weekend with my family. Time to take the boy out to the river and throw some rocks and shake it off. Respect to all The Basis Point supporters, best holiday weekend wishes to you and your families…