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Mortgage rates did improve today, but the Treasury Department will announce the terms of next week's government debt auctions at 11am tomorrow. The Treasury will sell 2 year notes, 5 year notes, and 7 year notes. New supply of debt on the market can pressure interest rates higher. With rates holding near the lowest levels of the year, I continue to favor locking loans closing and funding in the next 30 days. Even if benchmark Treasury yields do rally in the next few days, mortgage rates will find it difficult to move much lower....

The six day streak of rising mortgage rates finally stalled out yesterday! Although mortgages started yesterday on a negative note, mortgage-backed securities prices managed to recovery all early losses after a slightly above average 5 year Treasury note auction. After the auction, several lenders repriced for the better which moved mortgage rates a few basis points lower. Reports from fellow mortgage professionals do indicate lender rate sheets have improved from yesterday. The par 30 year conventional rate mortgage is in the 4.875% to 5.25% range for well qualified consumers with reports of at least one lender offering 4.875%. 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 including an estimated one point loan origination/discount/broker fee. ...