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Mortgage rates improved a few basis points yesterday. Lenders were somewhat subdued in passing along interest rate improvements though. This is a function of a few reasons. First, mortgage-backed securities prices have held to a tight range over the course of the week. The second reason is a bit more...
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Although the market briefly tested the reliability of our lock/float strategy on Monday ("lock at the price highs, float at the price lows"), mortgage-backed security prices are returning to the confines of our comfort zone...also known as "THE RANGE". Following the seemingly bottomless...
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Mortgage rates moved lower a few basis points yesterday after prices of mortgage backed securities steadily appreciated throughout the day. At 5pm, MBS prices were near their highest level in over 4 months. The main driving force of the move higher was a much weaker than expected existing home sales...