February 2010 - Mortgage Rate Watch

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Mortgage Rates Touch 2010 Lows

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by Victor Burek on February 25 2010, 9:27 AM

Improvements over the course of the week have led mortgage rates back toward the lows of 2010. While floating is really tempting, if I only had one loan to float, I would lock it. If I had 10 in my pipeline, I would float 3 and lock 7. I am still not...
Loan Demand Falls Again. Mortgage Rates Unchanged Today

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by Victor Burek on February 24 2010, 4:34 PM

I have been saying all year that mortgage rates will need some sort of major shift in economic outlooks if they are to fall below 4.75% again. A surprise announcement from the Fed that extended the MBS purchase program would help to, but we find this...
Mortgage Rates Fall After Surprise Dip in Consumer Confidence

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by Victor Burek on February 23 2010, 5:49 PM

Yesterday was the first day in awhile that I advised floating overnight. It paid off today. If you are being offered 4.75% costing 1 discount point, I would lock. If your rate moved lower by 0.125% (in rate, not points), I would consider locking. If your...
Short Term Lock/Float Bias and the Week Ahead

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by Victor Burek on February 22 2010, 6:51 PM

It will be a very busy week of economic data releases and headline news events. We have casually discussed the idea of a short term float position. This is a very risky move, but if you are approaching the 10 day window to lock your loan, and have a few...
Mortgage Rates End Week on Three Day Skid. Fed Rate Hike Not to Blame

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by Victor Burek on February 19 2010, 10:03 AM

Reports from fellow mortgage professionals indicate higher rates this morning. The par 30 year conventional rate mortgage is in the 5.00% to 5.25% range for well qualified consumers. To secure a par rate you must have a FICO credit score of 740 or higher...
Mortgage Rates on Two Day Losing Streak. Lock Bias Stands

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by Victor Burek on February 18 2010, 10:21 AM

Just like yesterday, mortgage rates moved higher at the open today...and then even higher later in the day as MBS prices fell further and lenders had to reprice for the worse. MBS pricing took a beating today and so did lender rate sheets! While not completely...
Lenders Reprice for Worse. Mortgage Rates Move Higher

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by Victor Burek on February 17 2010, 5:04 PM

After making marginal improvements yesterday, the interest rate market gave back all gains in the overnight session. This weakness was then supported by better than expected housing and industrial production data as well as a generally better outlook...
Mortgage Rates See Small Decline Ahead of Busy Day of Data

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by Victor Burek on February 16 2010, 4:38 PM

Reports from fellow mortgage professionals indicate lender rate sheets to be slightly improved from yesterday, which were pretty much the same as Friday. The par 30 year conventional rate mortgage remains in the 4.875% to 5.125% range for well qualified...
Mortgage Rates End Week Slightly Higher

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by Adam Quinones on February 12 2010, 3:19 PM

After three below average Treasury auctions and a few days of positive progress in stocks, mortgage rates are ending the week slightly higher than where they started.Based on about 20 investor rate sheets, the best rate a consumer could be quoted, without...
Mortgage Rates Hold at Higher Levels After Last Auction of Week

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by Victor Burek on February 11 2010, 5:10 PM

Reports from fellow mortgage professionals indicate lender rate sheets to be about the same as rates yesterday morning. This puts the par 30 year conventional rate mortgage in the 4.875% to 5.00% range for well qualified consumers, there are however a...
Refinance Demand Still Slow. Mortgage Rates Move Higher Again

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by Victor Burek on February 10 2010, 9:47 AM

Mortgage Rates moved higher today.The main event on the day was the second of three US Treasury auctions scheduled for this week. Today's auction offered $25 billion 10 year notes. The 10 year is more influential over mortgage rates than the 3 year...
Mortgage Rates Move Higher After First of Three Treasury Auctions

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by Victor Burek on February 09 2010, 9:43 AM

Reports from fellow mortgage professionals indicate lender rate sheets to be worse this morning., mortgage rates are higher. While the par 30 year conventional mortgage rate does remain in the 4.75% to 5.00% range (for well qualified consumers), it...
Short Term Direction of Mortgage Rates Dependent Upon Auctions and Stocks

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by Victor Burek on February 08 2010, 10:06 AM

Nothing has changed from Friday. Mortgage rates continue to run into a floor at 4.75%. This has held true all month! My lock bias is based on the big picture outlook. Barring a major shift in sentiment that drives benchmark Treasury yields lower, mortgage...
How Did The Employment Report Affect Mortgage Rates?

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by Victor Burek on February 05 2010, 10:37 AM

When considering the LOCK vs FLOAT decision, I think of it as so: WE ARE PLAYING CHESS, NOT CHECKERS. My lock bias is based on the big picture outlook. Mortgage rates are currently priced near very aggressive levels. Barring a major shift in sentiment...
Lenders Improve Mortgage Rates as Stocks Panic. Locking Ahead of Employment Report

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by Victor Burek on February 04 2010, 5:12 PM

I have been advising LOCK all week ahead of the Employment Situation Report, which will be released at 8:30am tomorrow morning. While there have been many whispers for both job losses and job creation, economists are very mixed about the outlook. Worse...

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