Mortgage rates are inching lower as prices of mortgage backed securities continue to move higher today. To remind readers, mortgage rates are set by the trading of mortgage backed securities. As MBS prices increase lenders are able to offer lower mortgage rates. Contributing to move lower in rates this morning is strength in bonds (like MBS) as stock markets sell off. This weakness began overnight in Asia and Europe and carried over into US trading. Already this morning, investor demand for safer securities is helping MBS post healthy gains.
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