Market Update

Yesterday the Fed announced they were keeping overnight rates untouched for an extended period and would be purchasing longer term bonds due to a slowing economic recovery. Bond markets continue yesterday’s rally after the Fed announcement, and reach historic levels this morning. The second auction of the week, a $24 billion offering of 10 year notes, will have results at 1:00 pm EST. Currently mortgages are roughly 0.25 better in price than yesterday’s afternoon price change.