Mortgage rates just had another one of those "back and forth" weeks. Fortunately, while the road was rocky (lots of reprice alerts), total consumer borrowing costs went into the weekend near their most aggressive levels of the year, only slightly above record lows. The latest round of "ups...
Mortgage rates greatly benefited from headline news yesterday. Around mid-morning we learned that Standard and Poor's had cut Greece's government debt rating all the way down to junk. That is as low as ratings go! Stocks, which have rallied for eight consecutive weeks, sold off sharply on the...
Mortgage rates yesterday recovered the rate sheet losses lenders passed along to consumers last Friday. The was no specific reason for the modest improvement. Economic data was absent and trading activity was slow. For the most part, lenders were able to share small gains because mortgage-backed security...
Mortgage rates bounced back and forth in a relatively tight range before going out at their highest levels of the week last Friday. Although prices of mortgage-backed securities managed to rally of their lows of the day, most lenders did not reprice for the better. The only economic data we got today...
Mortgage rates have been under fire lately as a streak of positive economic data has forced benchmark Treasury yields higher resulting in lower mortgage-backed security prices. These MBS price depreciations have forced lenders to increase mortgage rates. This continued yesterday with another round of...
Mortgage rates moved higher early Friday morning following a better than expected read on Retail Sales. However, as the day progressed, benchmark Treasury yields did move lower, helping mortgage-backed securities prices recover early session losses. Most lenders did not reprice for the better after these...
Yesterday, following a better than expected read on Manufacturing and Pending Home Sales, benchmark rates backed up and prices of mortgage-backed securities moved lower, forcing several lenders to reissue new rate sheets with lower prices, therefore increasing consumer borrowing costs. The economic calendar...
Yesterday, prices of mortgage backed securities managed to regain some of the losses suffered at the end of last week which allowed lenders to offer better mortgage rates. After the closing bell, Intel reported better than expected earnings which caused a selloff in Treasury futures. Selling then intensified...
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mortgage-backed securities did manage to move marginally higher following a successful auction of 2 year Treasury notes, which saw the highest demand in over...
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...