December 2009 - Mortgage Rate Watch

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"Mortgage Rates Improve on Weak Data, Greece Jitters"

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Mortgage Rate Rally Short Lived. Rebate Reduced After Jobs Data

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by Victor Burek on December 31 2009, 9:48 AM

Mortgage rates improved for the first time in six sessions yesterday as mortgage backed securities price appreciations early in the day allowed lenders to boost rate sheet rebate. Mortgage rates are slightly worse this morning after a better than expected...
Mortgage Rates Snap Six Day Losing Streak

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by Victor Burek on December 30 2009, 12:45 PM

The six day streak of rising mortgage rates finally stalled out yesterday! Although mortgages started yesterday on a negative note, mortgage-backed securities prices managed to recovery all early losses after a slightly above average 5 year Treasury note...
Mortgage Rates On Hold Near 5.00%

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by Victor Burek on December 29 2009, 10:16 AM

Reports from fellow mortgage professionals indicate mortgage rates to be similar to yesterday’s. The par 30 year conventional rate mortgage remains in the 5.00% to 5.25% range for well qualified consumers. To secure a par interest rate you must have...
Mortgage Rates Still on the Rise Ahead of Treasury Auctions

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by Victor Burek on December 28 2009, 12:46 PM

Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage has risen to the 5.00% to 5.25% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan...
Attention Floaters and Fence Sitters: MND Mortgage Rate Outlook

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by Adam Quinones on December 23 2009, 5:49 PM

So most readers are locked right? At least those of you who are closing in December? We have been shouting LOCK from the rooftops since early December. I assume there are not many readers still holding their breath in hopes of better mortgage rates before...
Mortgage Borrowing Costs Still on the Rise

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by Victor Burek on December 22 2009, 10:19 AM

Mortgage rates continued to rise yesterday as benchmark Treasury yields moved higher and prices of mortgage backed securities fell. MBS opened the day weaker and extended losses all the way into the close, forcing most lenders to reprice for the worse...
Lenders Reprice for the Worse. Mortgage Rates Higher

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by Victor Burek on December 21 2009, 10:12 AM

I cannot stress this enough...the rates market is very volatile. If you happen to be floating a loan that is expected to close this month...I WOULD LOCK. No reason for unexpected, random interest rate movements to ruin your holidays....
Mortgage Rates End Week on Negative Note

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by Victor Burek on December 18 2009, 10:34 AM

After making a modest recovery following the release of the FOMC statement on Wednesday, mortgage rates are ending the week on a negative note. Rates started out mostly unchanged on the day, however as trader's took profits on recent gains, things...
Lock/Float Outlook Based on Shorter Timeframe as 2009 Comes to Close

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by Victor Burek on December 17 2009, 10:20 AM

I advised yesterday that if you are a risk taker that floating could pay off, well it did. At the open we saw better rate sheets and as the day has progressed MBS prices have continued to move higher which has led to a few reprices for the better. This...
The FOMC Statement and Expected Mortgage Rate Reactions

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by Victor Burek on December 16 2009, 10:12 AM

While it is widely accepted that the Fed will keep the current Fed Funds rate at 0 to .25%, many market participants are hoping for minor changes to the text, specifically the rhetoric which gives a timeline on current Fed Funds rate strategy: rates will...
Mortgage Rates Rising Ahead of FOMC Statement and Inflation Data

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by Victor Burek on December 15 2009, 10:07 AM

Two better than expected economic headlines did not have a positive influence over the bond market. Following the release of PPI data, Treasury yields shot higher and MBS prices fell. Consequently, mortgage rates have risen today. Reports from fellow...
Mortgage Rates Stabilize After Three Day Losing Streak

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by Victor Burek on December 14 2009, 10:10 AM

Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FIC credit score of 740 or higher, a loan to...
Mortgage Rates End Week on Three Day Losing Streak

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by Victor Burek on December 11 2009, 10:43 AM

Mortgage rates moved higher today as MBS prices fell following two better than expected economic reports. The move lower in MBS prices forced lenders to reduce rate sheet rebate, pushing consumer borrowing costs higher for the third consecutive day. The...
Mortgage Rates at Crossroads. Calling for Feedback from the Community

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by Victor Burek on December 10 2009, 3:14 PM

To lock or float, that is the question. In previous months, Treasury yields and mortgage rates have risen prior to bond auctions, however following the completion of each auction cycle, mortgage rates moved lower as MBS prices rebounded. This has been...
Mortgage Rates Holding in Range. Rebate Reduced Ahead of Treasury Auction

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by Victor Burek on December 09 2009, 9:21 AM

Reports from fellow mortgage professionals indicate lender rate sheets to be slightly worse than yesterday. While rate sheet rebate is weaker today, the par 30 year conventional rate mortgage does remain in the 4.625% to 4.875% range, for well qualified...

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