Mortgage Market Guide - 12/22/08
Rates were on a rollcoaster ride today. We started up a tiny bit from Fridays rates, got worse in the middle of the day and the upward momentum faded as we got closer to market close.
I just got another rate sheet and its another reprice for the worse. Sorry folks but welcome to around world.
Even with the dow down, which usually is good for rates, rates closed worse. Mortgage backed securities experienced a sell off today. Since there were more sellers than buyers, the sellers need to make these securities more attractive for the buyers. How do you make an investment more attractive? Increase the rate of return ( higher interest rates ). Voila, higher rates to consumers also.
Lights off untill tomorrow. Take care.
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