Texas Mortgage and Real Estate Market Update

Holding on by a thread; the bond and mortgage markets are better this morning after selling yesterday took the 10 yr note to critical technical levels at 2.76% where the 20, 40 and 100 day averages reside presently. Any additional selling today would have dealt a technical blow that would have changed the outlook, this morning though with weaker retail sales the 10 is holding, at 9:00 at 2.74%.

Weekly jobless claims were also softer than forecasts; up 8K to 339K against consensus of generally unchanged. The four-week average of claims, a less-volatile measure than the weekly figure, increased to 336,750 from 333,250 the week before. 

Weaker sales and a minor increase in weekly claims took a little out of the idea that the stock market would continue to recover after the recent big declines. The key indexes under pressure this morning but so far the interest rate markets are not demonstrating a lot of improvement. 

 At this point if you have not locked your rate I would suggest holding off until next week. Stay tuned for daily updates.