Mortgage borrowing costs moved higher yesterday morning as stocks rallied and investors sold their flight to safety positions in Treasuries. Rising benchmark yields pushed mortgage-backed securities prices lower and forced lenders to increase consumer borrowing costs by a few basis points. However things turned around for us shortly after the 10-year Treasury note auction. Stocks fell to the lows of the day which helped MBS prices recovery their losses and allowed lenders to reprice for the better. Mortgage rates were back to the lows of the year after new rate sheets were issued. We have a few economic data releases to discuss. First out today were Weekly Jobless Claims. Released by the Department of Labor, this report provides three measures of the health of the job market: Initial Jobless…(read more)
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