Frustrating Mortgage Rates Environment. Discussing "No Points" Loan

July 31, 2009 · Posted in Latest Interest Rates

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The theme of the week continues. Mortgage backed securities were again unable to hold onto early morning gains following a less than expected Durable Goods orders report. A very disappointing Treasury auction is to blame for the turnaround which moved MBS much lower on the day which sparked reprices for the worse from most lenders; however, by day’s end MBS did crawl their way back closing at the same level at which they opened. This late day rebound allowed some lenders to reprice for the better bringing rates back to opening morning levels. As a reminder, today is day 1 of the new Truth in Lending Amendment that I wrote about on Tuesday. Parts of this amendment are good in my opinion, but it will result in some delays in closing loans. Make sure you allow for this delay by locking your loan for an adequate amount of time.

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