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  • Mortgage Rates On Hold At Best Levels Of Year

    The par 30 year conventional rate mortgage remains in the 4.50% to 4.75% range for well qualified consumers. Although it it's very tempting to float your rate in this environment, I find it difficult to turn my nose up at this loan pricing. Lenders are not being shy about offering the most aggressive rates of the year as they need to get as much new business in the door and locked now just in case mortgage rates move higher in the day's to come. The only loans I recommend floating are those that can be locked on a shorter commitment period in the next few days. (Short lock terms offer better pricing. 15 days is generally as short as lenders will go but some do offer 7 day locks). If you are floating in hopes of mortgage rates declining a few more basis points, keep an eye on stocks. If stocks rally, mortgage rates will be pressured higher. ...

  • Short Term Direction of Mortgage Rates Dependent Upon Auctions and Stocks

    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 rates should move higher in months to come. While floating day to day can result in small reductions in borrowing costs, the risk of rates rising is large. This is long term guidance. If you are looking to continuing floating, keep an eye on the stock market. If stocks extend recent weakness I wouldn’t be totally against floating overnight, but again I point out the 4.755 floor we appear to have hit in mortgage rates. On the other hand, if stocks rally, money will flow out of the fixed income sector which would most likely lead to worse mortgage pricing and higher rates. This highlights why we continue to advise locking: the amount of risk associated with floating are not justified by the possible reward. There is still much more room for rates to rise than to fall. ...

  • Mortgage Rate Improvements Erased After Auction. Floating into Tomorrow

    Mortgage Rates improved yesterday afternoon into this morning, however these gains were lost after the 10 year Treasury auction today. While positive progress was lost today, we still feel that the completion of this week's Treasury auctions tomorrow will present the best opportunity to see lower mortgage rates....

  • Mortgage Rates Improve Ahead of Treasury Auctions

    So far today yesterday's modest improvements have extended over into today, however instead of being "modest", the gains have been substantial! This has allowed lenders to improve mortgage rates this morning. The par 30 year conventional rate mortgage remains in the 4.875% to 5.125% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs with an estimated one point loan origination/discount/broker fee. ...

  • Mortgage Rates Break Five Day Losing Streak

    The four day streak of rising mortgage rates extended into Friday following a much better than expected Non-farm payroll report. After reaching 4.50% on Monday, mortgage rates rose 0.25% to .375% by Friday. The week ahead is fairly light in terms of economic data. The speed and extent in which rates rose last week plus the market's consistent willingness to buy when rates move to the high side of the range implies we are due a corrective move lower, which is exactly what we have seen today. That said, Friday's float recommendation remains in place. I do however remind all readers that lenders have proven unwilling to push rates lower than 4.50%..with that in mind, there is not much room for rates to move lower, so if you are happy with the your current quote, now is a great time to lock. ...

  • Mortgage Rates Maintaining Status Quo

    Prices of mortgage backed securities held to a tight range yesterday, closing the day in essentially the same place they opened. The lack of volatility in MBS prices allowed lenders to keep mortgage rates near five month lows. Yesterday's main event, besides weakness in the dollar and record high gold prices, was the Treasury Department auction of $39billion 3 year notes. Auction demand could be described as below average, but not weak enough to warrant a rise in rates. Strong demand for our nation’s debt is one of the main factors helping to keep mortgage rates near historic lows....
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  • Debt Auctions Putting Upward Pressure on Mortgage Rates

    It was a slow day in the fixed income market's yesterday. Mortgage rates were mostly unchanged as prices of mortgage backed securities bounced around a tight range before closing near the same level in which they opened the day. Treasuries also moved sideways in slow and sluggish trading. A general lack of market moving data and information was to blame for the quiet session. The only potential market mover today will occur at 1pm when the U.S. Treasury Department auctions $39billion 3 year notes. Auction demand, as measured by the bid to cover ratio, is the market's preferred gauge of the auction's success. Strong demand helps keep the prices of Treasuries high and yields low. Because Treasury debt securities set the benchmark for the rate of return on riskier fixed income investments, Treasury auctions have the potential to affect MBS prices and mortgage rates. Despite record borrowing by our government, demand for our nation’s debt has remained very strong. ...
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.90%
  • |
  • 15 Yr FRM 3.26%
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  • Jumbo 30 Year Fixed 4.15%
MBS Prices:
  • 30YR FNMA 4.5 106-17 (-0-03)
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  • 30YR FNMA 5.0 107-32 (-0-01)
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  • 30YR FNMA 5.5 108-31 (0-01)
Recent Housing Data:
  • Mortgage Apps -1.01%
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  • Refinance Index 0.83%
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  • Purchase Index -8.41%
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