Mortgage Rates are slightly higher than yesterday.
Mortgage Bonds are trading lower this morning under a heavy layer of resistance. Bonds just can’t seem to break through the 50 day moving average this month and are retreating a bit lower this morning. Until bonds drop down around levels that they have started to make another run at the 50 day moving average, we will be taking a locking stance.
Yesterday, President Obama spoke about two different plans to help homeowner’s avoid foreclosure. One plan is to help homeowner’s with less than 20% equity refinance their homes, or owe more than what their home is worth. The second plan would be to lower monthly payments of homeowner’s who are at risk of losing their home. As more specifics come out, I will be sure to keep you updated.
Current Outlook: Locking