Mortgage Rates Improve Early. Lose Positive Progress After Bond Auction
Posted To: Mortgage Rate Watch
Mortgage rates took a second step in the right direction yesterday after the Treasury Department reported strong demand at the 10 year Treasury note auction. This helped benchmark Treasuries rally which led the way for mortgage-backed securities prices to improve considerably. MBS price gains held steady into the market close which allowed most lenders to republish rate sheets for the better. To remind readers, as MBS prices move higher, lenders are able to pass along lower mortgage rates. The only economic report to hit news wires this morning was Weekly Jobless Claims. This data provides three measures on the health of the labor market: Initial Jobless Claims : totals the number of Americans who filed for first time unemployment benefits Continued Claims : totals the number of Americans who...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.