Rate Update February 24, 2009

Posted on by Evan in Rate Update

Mortgage Rates remain unchanged today.

Even after a brutal day in the stock market (as the Dow and S&P hit levels we haven’t seen since 1997), Mortgage backed bonds were unable to break through overhead resistance.

There are a couple things not working in the favor of Mortgage backed bonds right now.  One is if we do happen to see a rally in the stock market, it could pull investor dollars away from the bond market, causing mortgage rates to rise.  The second is a $40billion auction of 2-yr Notes today at 1pm ET.  This added supply could weigh on bond prices.

Current Outlook: Bias towards Locking

 

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.