The relentless mortgage rate rally continued yesterday. Lenders were seen offering the most aggressive loan pricing of our lifetime, again, as stocks extended their losing streak and risk-averse investors piled funds into government guaranteed U.S. Treasuries. High demand for risk free has bonds led mortgage-backed security prices to record prices, allowing lenders to price mortgage rates at the lowest rates reported since the formation of the secondary mortgage market. Lender rate sheets were priced slightly less aggressive today, but total consumer borrowing costs are generally unchanged. The par 30 year conventional rate mortgage remains in the 4.375% to 4.625% range for well qualified consumers. There are a few lenders offering 4.25%, but borrowers would have to pay up to 2 points to obtain that quote.
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