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  • Mortgage Rates Hold at Higher Levels After Last Auction of Week

    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. ...

  • Lenders Improve Mortgage Rates as Stocks Panic. Locking Ahead of Employment Report

    I have been advising LOCK all week ahead of the Employment Situation Report, which will be released at 8:30am tomorrow morning. While there have been many whispers for both job losses and job creation, economists are very mixed about the outlook. Worse than expected jobs numbers benefit MBS prices and lead to lower mortgage rates while better than expected data leads to higher mortgage rates. Despite what I believe is a good chance of a bad report tomorrow, I am still advising to lock loans today. If the jobs data is worse than expected, rates could decline, but lenders have proven slow to pass along better rates so there is not much room for rates to fall further. If the jobs number is better than forecast or "on the screws", rates will rise quickly, ESPECIALLY AFTER TODAY'S RALLY. In my opinion, there is little reward and MUCH RISK in floating. Mortgage rates are near their best levels in over a month, still locking. ...

  • Mortgage Rates Stuck in Holding Pattern. Two Steps Forward, Two Back

    Mortgage rates have been stuck in a back and forth battle all week. We started the new year with improvements which carried over into Tuesday only to see positive momentum fizzle out yesterday morning after the St. Louis Federal Reserve released a paper titled:INFLATION MAY BE THE NEXT DRAGON TO SLAY. The bond market was not a fan of this commentary as inflation is one of the main enemies of mortgage rates. Benchmark Treasury yields ticked higher and mortgage backed security prices fell after the research hit news wires. Plummeting MBS prices then forced lenders to reprice for the worse. Since that sell off, all of the progress made in the first half of the week has been lost. If you are interested AQ wrote a Plain and Simple explanation of the events that unfolded. READ MORE This was not unexpected ahead of tomorrow's release of the Employment Situation Report (Non-Farm Payrolls). Typically the rates market goes into a holding pattern ahead of major data releases...this week has been no different. Yesterday I referred to the recent trend as "two steps forwards, two steps back"....this phrase sums it up pretty well for mortgage rates. After much commotion we are no better or no worse from where we ended 2009.I do however remind of the CROSSROADS mortgage rates are at. ...

  • HVCC Petition Submitted; Mortgage Rates Hit Floor

    Reports from fellow mortgage professionals indicate that mortgage rates are unchanged from yesterday. The par 30 year conventional rate mortgage remains in the 4.625% to 4.875% range for well qualified consumers. To secure the 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. If you are seeking a 15 year term, you should expect a par rate in the 4.125% to 4.375% range with similar costs. Mortgage rates are testing the lower boundaries of their range. Given the currently expensive prices of MBS, we don't see much room left for mortgage rates to rally. Still in lock mode. ...

  • Mortgage Rates Fighting Off Rallying Stocks

    The theme in the secondary mortgage market this week has been volatility. Prices of mortgage backed securities have moved around a wide range as traders attempt to balance their uncertain long term economic outlooks with optimistic short term sentiment in stocks. This ongoing struggle has mostly insulated mortgage rates from movements in related markets, but not totally. Today, mortgage backed securities opened lower in price and most lenders moved mortgage rates higher. ...

  • Same Story: Mortgage Rates Steady Near 5 Month Lows

    A steady rally in benchmark Treasury yields yesterday helped prices of mortgage backed securities move to five month highs which allowed lenders to keep mortgage rates near five month lows. The major event that took place in the rates market yesterday was the Treasury auction of $20 billion in 10 year notes. Demand from investors was very strong which contributed strength to the move higher in MBS prices. Since the price gains were consistent into the close, a few lenders did reprice for the better. ...
 

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 4.5 106-20 (-0-06)
  • |
  • 30YR FNMA 5.0 108-01 (-0-05)
  • |
  • 30YR FNMA 5.5 108-30 (-0-03)
Recent Housing Data:
  • Mortgage Apps -1.01%
  • |
  • Refinance Index 0.83%
  • |
  • NAHB Builder Confidence 16.00%
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