It's been a good week for rates until this afternoon but we were due for a slight hiccup.
Treasuries have been holding onto last week's gains and this morning started dropping further. That drop continued until the Fed's FOMC minutes were announced. This morning it appeared the 10 year treasury had finally dropped through the 2.50% resistance level for good which would trigger mortgage rates falling below the 4% level. At 2:00 PM EST the FOMC minutes were released and the 10 year treasury shot back above 2.52%. The minutes were considerably more positive about the economy than investors or the past two weeks of economic news would indicate.
With the exception of Industrial Production, throughout the first half of this week,…