March 2010 - Mortgage Rate Watch

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Mortgage Rates Improve on ADP Data. Lose Gains as Fed Exits MBS Market

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by Victor Burek on March 31 2010, 10:19 AM

Reports from fellow mortgage professionals did indicate lender rate sheets to be improved this morning, however several lenders repriced for the worse around mid-day. This keeps the best par 30 year conventional mortgage in the 4.875% to 5.125% range...
Mortgage Rates See Small Rise. Safe Decision is Lock

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by Victor Burek on March 30 2010, 10:15 AM

I favor locking over floating at this point. There are just too many unknowns to deal with in the near term. The Fed stops buying MBS tomorrow, more Treasury debt supply is announced on Thursday, and then we get the all important Employment Situation...
Mortgage Rates and Locking vs. Floating in the Week Ahead

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by Victor Burek on March 29 2010, 10:37 AM

Reports from fellow mortgage professionals indicate lender rate sheets to be improved from Friday. If you can lock at 4.75%, there is no question, you should be locking. If you have been floating, last week likely made you feel ill. You probably...
Mortgage Rates Stabilize After Hitting 2010 Highs. Floating Into Next Week

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by Victor Burek on March 26 2010, 10:13 AM

If you can lock in today at 4.875% with acceptable fees, you should strongly consider locking. If your lender is offering 5.00% or higher, I feel it is worth the risk to float. Our "lock at the price highs, float the lows" strategy has worked...
Mortgage Rates Led Higher By Another Surge in Benchmark Yields

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by Victor Burek on March 25 2010, 10:13 AM

Yesterday was either the beginning of rates moving higher or just a temporary correction. If your lender is still offering the same rate they were offering two days ago, lock! If the cost of borrowing has risen, which is the likely case, I think you should...
Mortgage Rates Go From 2010 Lows to 2010 Highs in One Day

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by Victor Burek on March 24 2010, 5:53 PM

Benchmark interest rates started rising early in the trading session, before MBS trading officially opened at 8am. Positive Durable Goods Orders data added weakness. Then poor demand at the five year Treasury note auction intensified bond market selling...
Mortgage Rates Fully Recovered from Recent Uptick. Energy Building in Benchmarks

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by Victor Burek on March 23 2010, 10:40 AM

The par 30 year conventional rate mortgage has once again declined to the 4.75% to 5.00% range for well qualified consumers .Over the past two days benchmark Treasury yields and MBS prices have barely budged from a tight trading range. Trading has been...
Mortgage Borrowing Costs Move Marginally Lower After Reprices

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by Victor Burek on March 22 2010, 10:00 AM

It was a very slow day in the mortgage market. Mortgage-backed security prices opened lower which forced many lenders to publish mortgage rates higher than they were set on Friday. However, modest improvements in benchmark Treasury yields helped MBS prices...
Mortgage Rates End Busy Week Above Lowest Levels of Year

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by Victor Burek on March 19 2010, 3:24 PM

After yesterday’s busy economic data calendar, the schedule was empty today. Reports from fellow mortgage professionals indicate lender rate sheets to be worse today. The par 30 year conventional rate mortgage has risen to the 4.875% to 5.125% range...
Lenders Reprice for the Worse. Mortgage Rates Move Higher

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by Victor Burek on March 18 2010, 10:17 AM

After the release of the Treasury debt statement, benchmark yields rose and MBS prices fell. This forced many lenders to reprice for the worse. After the reprices for the worse, lender rate sheets are worse than yesterday. The best par 30 year conventional...
Mortgage Rates Move Lower. Most Aggressive Lender Pricing Seen in Weeks

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by Victor Burek on March 17 2010, 9:56 AM

We are seeing very aggressive rate sheets from lenders today. My advice would be to lock any loan closing and funding in the next 30 days. Same exception as last week… if you are one day away from a shorter lock term, than I would float and lock tomorrow...
How Did the FOMC Meeting Affect Mortgage Rates?

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by Victor Burek on March 16 2010, 9:46 AM

The Federal Open Market Committee (FOMC) met for a one day meeting today. Usually they meet for two. At 2:15, the FOMC released their statement on monetary policy. The statement was very similar to the FOMC statement released after the January meeting...
Mortgage Rates Waiting on the Federal Reserve

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by Victor Burek on March 15 2010, 6:24 PM

After a slow week of economic data, the calendar picks up in the days ahead.If you followed my advice on floating over the weekend, you picked up some price gains this morning. With many lenders offering 4.75% as par once again, I am advising to only...
Mortgage Rates Higher After Retail Sales Data. Floating into Monday

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by Victor Burek on March 12 2010, 10:30 AM

Following the release of the Retail Sales report, benchmark yields rose and MBS prices plummeted. Many lenders released rate sheets at the lows of the day, thus mortgage rates moved higher out of the gates. However, shortly thereafter, benchmark rates...
Mortgage Rates Escape Three Treasury Auctions Unharmed

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by Victor Burek on March 11 2010, 9:48 AM

Tomorrow morning we get the Retail Sales, Consumer Sentiment and Business Inventories. Of the three, the Retail Sales report has the highest potential to move the markets. Better than expected results would move rates higher while worse than expected...

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