Since yesterday afternoon's and this morning's losses, Mortgage Backed Securities (MBSs) have reversed course and are now improving. MBSs were down as much as 17/32 this morning from yesterday's close, and is now UP 4/32 - an improvement of 21/32 from today's low.
Remember, on MBS, as the price goes up, the yield goes down - and so do mortgage interest rates. Conversely, as the price goes down, the yield goes up - and so do mortgage interest rates.
If you haven't locked yet, then congratulate yourself for waiting and continue floating. If the trend continues, and if the lenders are in a giving mood, then we may see an improvement in mortgage rates this afternoon.
|
Lew Corcoran |
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