Mortgage Rates On Hold Near 5.00%
Mortgage rates continued to tick higher yesterday as benchmark Treasury yields rose and prices of mortgage backed securities fell for the sixth consecutive session. Most of the losses occurred early in the day, so price weakness was already accounted for on lender rate sheets when theywere issued. The only market moving event that took place yesterday was the auction of $44 billion 2 year Treasury notes. Demand was slightly above the yearly average but much lower than the previous 3 auctions. Demand from foreign investors, known as the indirect bid, was much less than normal. For a recap of the results, check out AQ’s commentary . Today at 1pm, the Treasury will auction $42 billion 5 year notes. If demand is strong, we could see an improvement in mortgage rates. Matt and AQ will cover…(read more)
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