Mortgage Rates Move Off Record Lows as Rally Exhausts
Mortgage rates rallied to new all-time lows yesterday following a few disappointing housing headlines. While it has been no secret to housing industry professionals, the post-homebuyer tax credit hangover appears to have caught some folks on Wall Street off-guard. Stocks sold off, interest rates rallied and lender rate sheets were the most aggressive we've ever seen them. I locked all the loans in my pipeline. Did the consumer borrowing cost rally extend another day? We have two economic reports to discuss first… First up: Weekly Jobless Claims. Released by the Department of Labor, this report provides three timely metrics on the health of the job market: Initial Jobless Claims: totals the number of Americans who filed for first time unemployment benefits in the previous week Continued…(read more)
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