Loan Demand Falls Again. Mortgage Rates Unchanged Today
Posted To: Mortgage Rate Watch
Mortgage rates fell yesterday thanks to a much weaker than expected consumer confidence survey. This scheduled economic release combined with a few other unscheduled events forced investors to sell stocks and move funds over to the safest assets in the world, US Treasuries. This fueled a rally in mortgage-backed securities just as the day was getting started. Adding more momentum to the rally was a strong 2 year Treasury note auction. Most lenders did reprice for the better by day's end which pushed the best par 30 year fixed conventional mortgage rate back down to 4.75%. Only a few lenders were offering this rate though. First out this morning was the Mortgage Bankers Association Weekly Application Survey. The MBA survey covers over 50 percent of all US residential mortgage loan applications...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.