The relentless mortgage rate rally continued yesterday. Lenders were seen offering the most aggressive loan pricing of our lifetime, again, as stocks extended their losing streak and risk-averse investors piled funds into government guaranteed U.S. Treasuries. High demand for risk free has bonds led mortgage-backed securities to record prices, allowing lenders to price mortgage rates at the lowest rates reported since the formation of the secondary mortgage market. Out early this morning was the Mortgage Bankers Association's Weekly Applications Survey. The MBA loan applications survey covers over 50% of all US residential mortgage apps taken by mortgage bankers, commercial banks, and thrifts. Survey data gives economists a sample of consumer demand for mortgage loans. In a low mortgage…(read more)
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