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  • Mortgage Rates Hold Near Best Levels of 2010 as Benchmark Yields Rise

    Reports from fellow mortgage professionals indicate lender rate sheets to be marginally worse when compared to Friday afternoon pricing. However the best par 30 year fixed conventional mortgage rate does remain in the 4.75% to 5.00% range for well qualified consumers. Mortgage rates are more or less holding steady near the lowest levels of 2010 even as benchmark Treasury yields have risen. If you have been sitting on the sidelines waiting to refinance, now is the time. The Fed is about to end its MBS purchase program at the end of the month, while we do not expect mortgage rates to skyrocket, we do anticipate they will move steadily higher. ...
  • 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. ...
  • Little Room For Mortgage Rates to Continue Improving

    Early reports from fellow mortgage professionals indicate mortgage rates holding steady. The par 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers. There is not much room for MBS prices to move higher or for mortgage rates to move lower at the moment. If you are happy with the rate being offered to you and don’t want to risk rates moving higher, you should lock today. While there still is some room for MBS prices to tick higher, it is better to have locked when you should have floated than it is to float when you should have locked. ...
  • Locking Higher Loan Amounts. Cautiously Floating Less Sensitive Files

    I have been using a well defined trading range to gauge my lock/float recommendations. The idea is to lock at the price highs and float at the price lows. On Friday I recommended floating through the weekend, this strategy worked out well as mortgage rates are modestly improved (not big improvements) today. Considering that MBS are holding near the top side of the trading range and as AQ and MG put it, there isn't much room for MBS prices to continue to improve, I have advised a few of my higher loan amount clients to lock in their loans....
 

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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