Mortgage Rates Snap Six Day Losing Streak
The six day streak of rising mortgage rates finally stalled out yesterday! Although mortgages started the session on a negative note, mortgage-backed securities prices managed to recovery all early losses following a slightly above average 5 year Treasury note auction. After the auction, several lenders repriced for the better which moved mortgage rates a few basis points lower. Remember, when MBS prices fall, mortgage rates rise. I think this chart will help visualize the relationship between MBS prices and mortgage rates. When MBS prices are high, mortgage rates are low. When MBS prices are low, mortgage rates are high. The economic calendar is mostly empty on this last full trading day of 2009. The normally scheduled weekly release of the Mortgage Bankers Association's Loan Application…(read more)
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