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Stocks rallied all day long before closing at the highs of the session. This resulted in another investor exodus from risk averse assets which sent benchmark debt yields higher and drove mortgage-backed security prices lower....and lower...and lower. Lenders repriced for the worse and mortgage borrowing costs took one on the chin. MBS prices are now well-below recently hit record highs. ...

Reports from fellow mortgage professionals indicate lender rate sheets to be about the same as rates yesterday morning. This puts the par 30 year conventional rate mortgage in the 4.875% to 5.00% range for well qualified consumers, there are however a few lenders offering 4.75% at par again, but that quote will require about 1 point paid by the consumer. Lock/float guidance is unchanged. While mortgage rates have risen over the past two days, lenders are still offering rates near what I believe will be the lowest rates of the year. Lock. ...