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Last week ended on a sour note for mortgage rate watchers. Weakness stemmed from the Treasury Department's scheduled announcement which laid out the terms of this week’s auctions (debt offering). This combined with the fact that it was a Friday afternoon, the data calendar was empty, and interest...
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While benchmark interest rates continue to chop around in a contained range, mortgage-backed securities have moved sideways, failing to make much progress in either direction. Although we have experience a few moments of added volatility, tight trading ranges have kept and generally "topped out"...
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Mortgage rates fell a few basis points yesterday as benchmark Treasury yields moved lower in the range. The extended rally in the rates market helped MBS prices tick higher which eventually resulted in lenders repricing for the better. An above average turnout at the 5yr note auction combined with an...