Mortgage Market Guide 12/30/08
Interest rates didn't open up well today. We were experiencing increased upside pressure until about an hour ago when the MBS market started to rally. Whats working against us is the stock market improvement spurred by the confirmation that GMAC will receive the 5 or 6 billion they needed to sustain themselves. This was viewed as a positive stock/equity market force pulling buyers away from mortgage backed securities and towards stocks.
We're in the 5.5 tp 5.75% range for platinum conventional borrowers with no points on a 30 year fixed.
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