For the week, the FNMA 30-year 3.5% coupon bond ($103.44, +12.5 bp) traded within a narrower 36 basis point range between a weekly intraday high of 103.50 and a weekly intraday low of $103.14 before closing at $103.44 on Friday. As projected last week, the bond traded mostly in a sideways direction between technical support located at the 38.2% Fibonacci retracement level at $103.16 and technical resistance located at the 100-day moving average at $103.71. The ascending lower trend line remains intact while the slow stochastic oscillator indicating market momentum has made a slight positive crossover while remaining far from “overbought” and this is a positive outcome. If the week’s employment data supports a December rate hike by the Federal Reserve we could see mortgage rates improve slightly. Chart: FNMA 30-Year 3.5% Coupon Bond Courtesy of:
Tamika Donahue Branch Manager, NMLS# 399388 Residential Mortgage Services 24 Christopher Toppi Drive South Portland, ME 04106 (207) 523-8416 (207) 749-4364 [email protected] www.RMSmortgage.com/TamikaDonahue
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