The Veridian Blog

What an exciting week it was with what seemed like a new record low every day.  The downward momentum was absolutely unchallenged all week as poor economic reports, one after another, suggested that the recovery is grinding to a halt.  Mortgage rates fell the previous week due to poor home sales.  It was later learned that pending home sales for May plummeted 30.0% month-over-month in the worst decline in the nine years of available records.  Last week the trend continued with worse-than-expected Consumer confidence, Manufacturing, Jobless Claims and continually worsening equities.  The stock market dropped over 2% to a new nine-month low after market participants were hit with a flurry of disappointing reports.

Meanwhile, mortgage rates are sinking fast.  The benchmark 10-year Note dipped to 2.91% at one point and is rallying again today...