Melissa's Mortgage Minute

The Dow managed to eke out its sixth straight day of record highs rising today by 7 points to close at 20,619. Economic data today was also a highlight for the economy, with the Philly Fed Index reporting in at 43.3. Which is the highest reading since 1984!!! Jobless claims were fewer than the market expected and building permits rose. All good signs for the economy- certainly no chaos here! 

The 10-year bond yields also had a good day, closing at 2.45%.  In spite of head winds from stronger data and another record close as pundits re-visited Ms. Yellen's testimony, and decided that she did not make a strong enough case for a March rate hike. Thus, lowering the odds of a March hike from 33% to 20%. Which also sent the dollar tumbling which was the icing to keep bond yields below the dreaded 2.50% mark. 

As for Mortgage rates? They remain mostly unchanged.  However, as the spring selling season gets under way, new lenders are entering the market place with below market rates. In order to offer as they get ready to fill their coffers. Competition is a wonderful thing!!