It's official. Interest rates are on their way down. Freddie Mac's report is a lagging indicator as most customers don't know that they can expect a lower rate than they are being offered by their lender or broker because they have been hearing about rising rates for the last year and a half. Most people in the industry are looking at interest rates with cautious optimism as there are mixed messages from the Fed. However Bernanke seems to have hit his stride as he didn't rattle markets after his speech in jackson Hole today.
From Briefing.com
Treasury Traders Day Off: The market wandered higher today, shifting up as some traders heaved a collective sigh of relief after (still new) Fed chief Bernanke refrained from letting any major market moving tape-bombs fly in his Jackson Hole speech.
As a result the Yield on the 10 year bond shed 2 basis points. Keep your fingers crossed.
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