Mortgage Rates Start Stronger, Fade By End Of Day

Posted To: Mortgage Rate WatchMortgage rates began the day much improved compared to Mondays latest offerings, but the gains mostly evaporated by the end of the session. The mortgage-backed-securities (MBS) that most directly affect rates, had been steadily improving since sustaining major damage from Friday through Monday morning. Those improvements carried through to this mornings rate sheet print times, but trading levels began to deteriorate shortly thereafter. Stock prices and Treasury yields rose. MBS fell (falling prices mean rising rates), and throughout the course of the day, most lenders recalled rate sheets for negative reprices. The result is a 30yr Fixed Best-Execution level that remains at 3.625% with a few lenders still marginally lower in costs vs yesterday. ( Get Caught Up With Fridays Big Moves ) (...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.http://www.mortgagenewsdaily.com/consumer_rates/293506.aspx @ uwad.com