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Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock? image

Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?


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•November 5, 2009
2:46 am 
   
Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock? art

Posted To: Mortgage Rate Watch

Mortgage rates ticked higher yesterday as prices of mortgage backed securities were pressured lower by a selloff in the long end of the Treasury yield curve. To remind readers, as prices of MBS and Treasuries fall, their yields or rate increase…price and yield have an inverse relationship. No major report or headline caused the moved lower, AQ and MG point out that it was a function of Friday's bond market rally being unwound before today's Treasury auction announcement and the FOMC meeting which was ignited by a "Build America Bond" issuance pricing in California. Their brains are complicated but we make a good team! Whatever the reason was, price losses held into the close and the majority of lenders repriced for the worse. This morning the Mortgage Bankers’…(read more)

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