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MORTGAGE RATES MOVED HIGHER AFTER THE FOMC RELEASE. Reports from fellow mortgage professionals now indicate lender rate sheets to be worse than yesterday’s. Lenders continue to offer the best mortgage rates we've seen since early December. While I am tempted to see if rates keep moving higher tomorrow, I think borrowers should still be locking in their loans. Like yesterday, if you want to risk it and continue to float keep an eye on the equities market. If stocks move higher tomorrow, mortgage rates should move higher. The safe call is to take advantage of the recent price gains and lock. ...

After holding steady near the top of the current trading range, mortgage backed securities came under selling pressure yesterday afternoon as stocks rallied off intraday price lows. Several lenders repriced for the worse as MBS losses held into to the close. Despite the price decline of MBS and maringal loss of rebate on rate sheets, par mortgage rates are still holding their recent range between 4.875 and 5.125. To remind readers, the price and yield of MBS and treasuries are inversely related. As the price moves higher, the yield or rate moves lower and vice versa. ...