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  • Mortgage Rates Near Record Lows. Locking on Application. Econ Data Recap

    Rates rallied yesterday following a strong 5 year note auction. This helped pave the way for higher MBS prices and lower mortgage rates. By day's end MBS were testing historic price highs and lenders were repricing for the better. To remind readers, as MBS prices move higher, lenders are able to pass along lower mortgage rates. If you are a current homeowner who has been waiting to refinance, now is the time. We are seeing just about the best rates ever and there is not much more room for them to continue to fall. At some point, they will start to rise and remember, rates rise much quicker than they fall. If you are still floating an interest rate, call your loan officer and lock as soon as possible. Ahead of the holiday, lenders will have itchy trigger fingers to reprice worse. ...
  • Mortgage Rates Hold Steady After Busy Week

    Mortgage rates moved lower a few basis points yesterday after prices of mortgage backed securities steadily appreciated throughout the day. At 5pm, MBS prices were near their highest level in over 4 months. The main driving force of the move higher was a much weaker than expected existing home sales report. Since many believe that the economy will not recover until housing improves, this disappointing report led to investors selling stocks and moving their money into the relative safety of the fixed income market. Currently, MBS prices sit at the very top of the recent trading range that has kept mortgage rates relatively stable over the last few weeks. By days end lenders passed along the best rates we have seen since early summer. ...
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.90%
  • |
  • 15 Yr FRM 3.26%
  • |
  • Jumbo 30 Year Fixed 4.15%
MBS Prices:
  • 30YR FNMA 4.5 106-17 (-0-03)
  • |
  • 30YR FNMA 5.0 107-32 (-0-01)
  • |
  • 30YR FNMA 5.5 108-31 (0-01)
Recent Housing Data:
  • Mortgage Apps -1.01%
  • |
  • Refinance Index 0.83%
  • |
  • NAHB Builder Confidence 16.00%
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