Much like yesterday, mortgage rates rallied early this morning following weak housing data. Much like yesterday, mortgage rates came under pressure in the lunch hours today as mortgage-backed securities prices fell from intraday highs. Much UNLIKE yesterday, mortgage rates never recovered from that weakness heading into the market close today. The bad news isn't all that bad though…. While several lenders did reprice for the worse this afternoon, the majority of rate sheets escaped unscathed. This leaves mortgage rates close to the most aggressive levels of our lifetime. As for the lenders who did reprice for the worse (the bad news), adjustments to loan pricing simply cancelled out the improvements seen this morning, leaving consumer borrowing costs unchanged on a day over day basis…(read more)
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