Mortgage Rates Looking Good Right Now Af

Mortgage Rates Looking Good Right Now

After the gradual drift higher that began at 10am, bond markets have recently found some incremental benefit from a few European headlines. The first of these was that ALL banks on the island of Cyprus will be subject to capital restrictions. Across the Mediterranean, a Berlusconi official reiterated what was already known, that Italy would head back to elections if the a new government isn’t formed.

While the latter had less of an impact than the former, it has nonetheless benefited from timing. In other words, by causing a bit of extra bullishness at what were already the day’s best levels, it had a bit of snowball effect for tradeflows. Add to that the ongoing resistance seen in equities markets (S&P’s hitting same ceiling around 1560 againd and again and again) and the situation has shifted from tepidly positive to something slightly better.

Based on the distance from opening levels, positive reprices are a possibility (Provident already repriced, but that was nearly an hour ago and unrelated to the recent positive shift). Fannie 3.0’s are up 3 ticks now at 102-31 and 10yr yields are down 1.5bps on the day at 1.9042 http://ow.ly/i/1LlvR

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About mortgagelendingstatenisland

I am a mortgage banking veteran with over 15 years of experience at every level of the mortgage arena. I am known as the "closer" because of my troubleshooting skils and ability to explain in detail to my clients and business partners "What Makes A Mortgage Approvable".
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