Mortgage rates initially started to rise yesterday morning but were quick to reverse course as stocks lost recovery momentum. The stock market's reversal of fortune forced investors to reallocate their funds into risk averse assets like government guaranteed U.S. Treasuries . This sent benchmark yields lower and led mortgage-backed security prices higher which allowed lenders to reprice for the better. Mortgage rates ended the day at the newly set 2010 mortgage rate lows. Early this morning, the Mortgage Bankers Association release their weekly Mortgage Applications Survey. The Mortgage Bankers' application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand…(read more)
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