Mortgage rates are down. Mortgage rates are even lower! Mortgage rates are at new 2010 lows!! Mortgage rates are HIGHER!!! That's the most economical way to describe the directional movements of mortgage rates this week. Although the road was rocky (lots of reprice watching), mortgage rates generally carried strong momentum all the way into Thursday morning. Then the storm clouds rolled in and stocks went on a tear yesterday afternoon which forced lenders to reprice for the worse. The damage wasn't terrible but mortgage loan pricing definitely took a hit yesterday. To remind readers, as MBS prices move lower, consumer borrowing costs move higher. The week came to a close on an interesting note, economic data actually moved markets today! Two scheduled economic reports made top news…(read more)
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