Mortgage Rates Reflect Defensive Outlook
After a brutal last week were mortgage rates moved .50% higher, mortgage backed securities managed to start this week in rally mode. To remind readers, as MBS rally or move higher in price, mortgage rates move lower. Many lenders offered new rate sheets later in the day lowering consumer borrowing costs as the rally continued to close. Before we can get too excited, I must also point out that the volume of trades was very low so I can’t say that we are seeing a reversal of the recent trend of higher rates but good news is good news. In markets such as this, we must remain very defensive as sentiment can change very quickly and rates will move higher at a much quicker pace than they will move lower. Market participants are still battling with the opposing views of economic recovery is here vs we are a long way from economic growth. This clashing of views adds volatility in the market place with each economic report supporting one view or the other.
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