Mortgage Rates End Week on Negative Note
ByPosted To: Mortgage Rate Watch
Mortgage rates fell yesterday afternoon as benchmark Treasury yields fell and mortgage backed security prices rallied. MBS price appreciations were quite sizeable, allowing many lenders to reprice for the better, which lowered mortgage rates. While AQ outlined a variety of technical reasons behind the rally in bond markets, the best explanation was weakness in stocks which pushed money into safer government-backed Treasury securities. There were no scheduled economic releases or Fed speakers today. Today was the last Friday trading session of 2009! On a side note, Ben Bernanke was reconfirmed yesterday as Federal Reserve Chairman by a vote of 16 to 7, the vote now goes to the Senate when session resumes in late January. The debate to confirm Bernanke was highly contested. I am curious….do…(read more)