September 2010 - Mortgage Rate Watch

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Volatile Day for Mortgage Rates. Consumer Borrowing Costs Higher

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by Victor Burek on September 30 2010, 10:36 AM

If you are still floating, we must revisit our "Float at the MBS Price Lows, Lock at the MBS Price Highs" strategy. Currently MBS prices are directly in the middle of our range. That doesn't help us does it? We feel there is high potential that rates...
Mortgage Rates Dip Below 4.25%. Closing Costs Rise

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by Adam Quinones on September 29 2010, 4:23 PM

Mortgage rates touched record lows yesterday. Unfortunately mortgage rates rose from those record lows today. Mortgage rates didn't really "rise" though. Consumer borrowing costs may have increased by 0.25% of the loan amount (at most), but record low...
Mortgage Rate Range Still in Play

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by Victor Burek on September 27 2010, 11:11 AM

Our "float at the MBS price lows, lock at the MBS price highs" strategy has held up quite well this year. MBS prices rallied higher in our range today, but there is still room for MBS prices to rally further and for mortgage rates to decline. While we...
Mortgage Rate Rally Loses Steam Heading into Weekend

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by Victor Burek on September 24 2010, 10:21 AM

The best day to lock was Wednesday. Although rates rose heading into the weekend (for the third week in a row), consumer borrowing costs are lower than they were last Friday. ...
Mortgage Rates Inch Higher After Existing Home Sales Data

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by Victor Burek on September 23 2010, 11:02 AM

After ending last week on a three day losing streak, loan pricing made a total turnaround in the first three days of this week, mostly thanks to the outcome of the FOMC meeting on Tuesday. This led mortgage rates almost all the way back to record lows...
Mortgage Rates at the Mercy of Capacity Constraints

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by Victor Burek on September 22 2010, 3:53 PM

If you were floating your loan last week when rates started to rise, you probably kicked yourself for not locking. If you held out and continued floating, the decision paid off, you have recovered from those losses and are actually in better shape today...
How Did Mortgage Rates React to the FOMC Statement?

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by Adam Quinones on September 21 2010, 4:26 PM

The post-FOMC bond market rally brings mortgage rates back to where they were last Tuesday, which was the best day to lock last week. 4.25% is still the best execution (in terms of points and rate) 30 year fixed mortgage rate for well-qualified borrowers...
Mortgage Rates Stuck at Crossroads. Risks Remain High

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by Victor Burek on September 20 2010, 4:37 PM

So far following the strategy of "lock at the MBS price highs and float at the MBS price lows" has worked out well for us. This strategy will be put to the test in the week ahead though. MBS are running out of room in their range and stocks seem like...
Mortgage Rates Lose Ground After Brief Recovery. Back on High Alert

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by Adam Quinones on September 17 2010, 4:41 PM

Mortgage rates came into the week on a three day losing streak. After a quick correction on Monday and Tuesday, mortgage rates ended this week on another three day skid. The best par 30 year fixed mortgage rate is still 4.25%, but that's hanging on by...
Mortgage Rates Back Up After Lender Reprices

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by Adam Quinones on September 15 2010, 4:13 PM

Mortgage rates improved significantly on Monday and Tuesday, putting an end to a three day losing streak that pushed par home loan quotes up to 4.375%. While this corrective rally helped calm the nerves of nervous float boaters, the uptick in volatility...
Mortgage Rates Recover from Recent Weakness

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by Victor Burek on September 14 2010, 4:22 PM

If you've been floating, you've endured a bumpy ride over the past 5 days but it was worth your while. MORTGAGE RATES HAVE RECOVERED FROM RECENT WEAKNESS ...
Mortgage Rates at Crossroads. Is the Correction Done or Just Beginning?

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by Adam Quinones on September 13 2010, 4:59 PM

Considering how well our technical support levels have held up, I am not ready to sound the ALARM BELLS yet, but we remain in a state of HIGH ALERT. Rates improved today, if push comes to shove, you can lock tomorrow if Retail Sales are better than anticipated...
Another Bad Day for Mortgage Rates. Lock Strategy a Factor of "Timeline to Closing"

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by Victor Burek on September 10 2010, 10:15 AM

We had no relevant data on the calendar today and the marketplace was generally quiet as many investors and decision makers took time off for religious holiday. This left mortgage rates to take their directional guidance from related markets. Stocks...
Bad Day for Mortgage Rates. Are the Lowest Rates Behind Us?

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by Adam Quinones on September 09 2010, 3:52 PM

We might have seen the lowest rates we're ever gonna see, if that is the case, then those rates are already behind us so it doesn't matter. I think rate watchers with waiting time should sit back for now and see how this latest shift in benchmark yields...
Mortgage Rates Mostly Unchanged After Treasury Auction

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by Victor Burek on September 08 2010, 10:09 AM

Because stocks were already in rally mode when the day began, and because stocks stayed in rally mode for most of the day, the small recovery rally seen in MBS prices following the 10-year Treasury note auction did little to inspire lenders to reprice...

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