Mortgage Rates Improve on ADP Data. Lose Gains as Fed Exits MBS Market
ByPosted To: Mortgage Rate Watch
Early morning weakness in the bond market yesterday forced lenders to move mortgage rates slightly higher at the open. Several lenders did decide to delay the release of their rate sheets until interest rate volatility died down. Treasury yields and MBS prices then began to recover from their weakest levels which allowed lenders who released pricing early in the day to reprice for the better. Overall, mortgage rates were a few basis points higher yesterday. The economic data calendar was busy today…. First up was the Mortgage Bankers Association’s Weekly Mortgage Applications Index. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for…(read more)