Mortgage Rates Benefit From Stock Selloff

Many mortgage lenders began yesterday with a conservative rates strategy after ealy weakness in the mortgage backed securities market. But as the day progressed, and it became apparent that stocks were languishing, both treasuries and MBS improved to the best levels in nearly two months. This allowed many of the lenders, who were priced conservatively at the outset, to issue price improvements by day's end. Reports from fellow mortgage professionals are indicating that the par 30 year conventional rate mortgage remains in the 4.875% to 5.125% range for well qualified consumers. If you are looking to secure a 15 year fixed rate mortgage, you should expect a par rate between 4.375% to 4.625%. …(read more)
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