Rates Rally: Short Covering, Stocks sell Off
Thursday, August 04
Short covering has played a pivotal role in the surprisingly strong rates rally we've enjoyed over the past 5 sessions.We have seen as much as .375% drop in rates over the past 5 sessions. "Short covering" is when a bearish trader closes a position that was opened with the intention of capit...
MBS improve even farther, Mortgage Rates continue to decline
Thursday, August 04
OK so where are we? Well the MBS markets are showing strength this morning again on the jobs data that was just released. Look for additional positive mortgage rates decreases today. For those of you who still think things will get better as far as mortgage rates I have a word of advice: At thi...
Mortgage rates hit new 2011 Lows
Wednesday, August 03
Mortgage rates rallied again today and consumer borrowing costs drifted a little lower. What a rally it has been. I locked a client this afternoon at 4.25% on a FHA loan. Deciding whether or not to lock a loan between now and the "high-risk" event on Friday is pure speculation (Employment Sit...
Mortgage Applications Up 7.1% - Refi +7.3%
Wednesday, August 03
Treasury rates plummeted more than 20 basis points last week as all eyes were focused on the debt ceiling negotiations in Washington, and economic data depicted much slower than anticipated economic growth," said Michael Fratantoni, MBA's Vice President of Research and Economics. "Mortgage rates ...
Mortgage Rates Continue to Rally
Tuesday, August 02
Today's Rates 30 Yr FRM 4.55% 4.59% -0.04 15 Yr FRM 3.72% 3.74% -0.02 FHA 30 Year Fixed 4.31% 4.34% -0.03 Jumbo 30 Year Fixed 4.92% 4.96% -0.04 5/1 Yr ARM 3.22% 3.25% -0.03Mortgage rates continue to improve. MBS market continues to rally.
Debt Ceiling Deal Signed, MBS and Treasuries Spike, Mortgage Rates Low
Tuesday, August 02
Well after a wild weekend on the debt ceiling they decided to kick the can down the road a little farther. MBS's and Treasuries are at the lowest point in a long time and mortgage rates are the best I have seen in months. If you look at the bright side maybe now that we have this debt ceiling...