Mortgage Rate Improvements Erased After Auction. Floating into Tomorrow
Mortgage rate watchers were treated to a rally in the fixed income market yesterday. While the rally started at the open of the session and picked up steam after the 3 year Treasury note auction, most lenders waited until the end of the day to reprice for the better. Even then not all lenders repriced for the better though, leaving some originators frustrated with their floating loans. However, after looking over rate sheets this morning, those lenders appear to have returned the favor today. Today the economic calendar was once again relatively quiet. The Mortgage Bankers Association released their Weekly Applications Index today. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists…(read more)
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