Recap
Yesterday bonds lost ground early as oil jumped overnight, but held steady as the day went on. Rates hit the highest level this year and the highest level since last July.
Rate outlook for today...
Rate sheets today may be just a bit better than yesterday as bonds take a breath from losing ground. Don't get too excited, this is simply a consolidation and a reaction to oil falling back a bit. In fact, reprice risk is high today, we easily could see bonds give up the early gains and lenders will be quick to reprice on a Friday. If you somehow still have any loans that close before September and are floating, maybe use this morning's small improvements to convince the borrower to lock before rates move higher next week.
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