Posted by: cfigueira | March 5, 2010

Mortgage Rates on a Roller Coaster Ride

Like yesterday, early morning weakness in the MBS market led to slightly worse rate sheets at the beginning of the day. However as the day progressed, MBS prices rallied enough to allow many lenders to reprice for the better. This brought us back to where we ended the day yesterday. The par 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers. I still say you should be locking ahead of the employment report coming Friday. If the numbers are better than expected or even not as bad as expected, rates will likely move higher. FAST. If the report comes in as expected or worse, I do not feel lenders will be passing along much lower mortgage rates. Nothing to gain, much to lose in my opinion. Still locking. Filed under: mbs, mortgage rates, MBA, ISM, mortgage rates update, adp employment Read More

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