Mortgage market and interest rate commentary for Tuesday June 9, 2009

[sugarshane01]

hello I have been following your videos each day for the last 2 weeks. I bought a new construction at the end of march when the rates were 4.5! now they are at 6% we are not going to closing untill the end of next month. I can lock in today. do you think this is my best bet? or should I give it some time? Such as wait untill next week? as of now my mortgage has already gone up $200. Im scared! thanks for all your info!

[dollarsandhomes]

The bond market is trading in negative territory this morning giving away all of yesterday's slight gains. There will likely be substantial upward pressure today and tomorrow with the bond auctions from the Treasury. I see no reasons now to think that rates will improve much and see many reasons to think that they could continue to rise. I'll have more info out soon in my update today.