This is one of the reasons that I don’t just slavishly follow the recommendations from the marketwatchers I subscribe to – nor should you slavishly follow mine.

Earlier today the bond market opened down 41 bps, then reversed to even, then lost 16 more bps and we got all sorts of “alert to lock” warnings.  Currently, the market is up 53 bps and the afternoon rally is well and truly under way.  I can’t say I expected this, but I’m glad of it.  And very glad we ignored the warnings this morning.

Inflation was tame this morning (and more than tame – we had deflationary pressure) and that is helping a lot.

For now, rates are moving the right direction, and slowly, slowly, we are climbing back out of the hole of two weeks ago.  Keep your fingers crossed, and for Heaven’s sake, make sure I have enough information on your loan that I can lock if we hit the rate you want.  Do not get caught short on this.