Mortgage Rates Steady Near What Might Be The Best Levels of the Year
Mortgage rates held steady yesterday despite a healthy rally in the stock market. Lenders were able to keep mortgage rate sheets mostly unchanged as prices of mortgage backed securities held to a tight range throughout the day. President Obama released his 2011 Budget yesterday morning. We were hoping it would address the ownership position of housing enterprises Fannie Mae and Freddie Mac, however they were not mentioned. What does this mean for mortgage rates? If the Federal Reserve carries on with their exit from the agency MBS market at the end of Q1 2010, which we expect to happen barring a huge shift in economic sentiment, mortgage rates will rise from current levels. This is one reason we have been more biased toward locking than floating lately. The lone economic report to hit news…(read more)
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