Mortgage Rates on Two Day Losing Streak. Lock Bias Stands
Posted To: Mortgage Rate Watch
Mortgage rates moved higher yesterday morning...and then they moved even higher yesterday afternoon! The day began with mortgage-backed securities prices moving lower, which forced lenders to increase consumer borrowing costs before many rate watchers had a chance to get to a computer. Later in the day, after the Fed released the minutes of the most recent FOMC meeting, MBS prices fell further, which brought on reprices for the worse and pushed mortgage rates up a few more basis points. To remind readers, as prices of mortgage-backed securities move higher, lenders are able to offer lower mortgage rates, however as prices decline, they are forced to raise borrowing costs. Like yesterday, we had another busy day of data today. This morning we received the Weekly Jobless Claims report. Recent...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.