Today the 10 year treasury yield rose above 3.7 from 3.58 before finishing the day at 3.68. Up about 1%. The 10 year treasury yield is the leading indicator for conforming, conforming jumbo and FHA mortgages.
Pending home sales rose 3.6% month over month from May to June. That's great news for the housing sector. While it's a minimum gain any news but bad news is good news.
Yields may continue to rise driving up mortgage rates as bonds, especially long term bonds lose popularity as investors seek bigger profits in the stock market. The Dow finished the day at 9320.19 up over 33 points.
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