Tee Wilson Live Life

Mortgage rates moved lower a few basis points yesterday after prices of mortgage backed securities steadily appreciated throughout the day. At 5pm, MBS prices were near their highest level in over 4 months. The main driving force of the move higher was a much weaker than expected existing home sales report. Since many believe that the economy will not recover until housing improves, this disappointing report led to investors selling stocks and moving their money into the relative safety of the fixed income market. Currently, MBS prices sit at the very top of the recent trading range that has kept mortgage rates relatively stable over the last few weeks. By days end lenders passed along the best rates we have seen since early summer. …(read more)