Mortgage Rates Give Back Gains After Steady Winning Streak
ByPosted To: Mortgage Rate Watch
Mortgage rates yesterday ended a rally streak that brought consumer borrowing costs back down toward their best levels of 2010. Almost erasing all the losses experienced before and after the Federal Reserve exited the secondary mortgage market. After the steady recovery run seen in MBS over the last few days, it isn’t surprising to see a pull back in mortgage loan pricing. We have a busy day of data and events to discuss. JP Morgan Chase released their first quarter results and they blew away expectations by posting a 74 cents per share earnings and $3.3 billion in revenue. Also announced were Intel earnings. The world’s largest computer chip maker, reported their best quarter in history. This positive news helped stocks improve which generally causes benchmark Treasuries and MBS…(read more)