Rates are up slightly

Today has been a very volatile day in the mortgage market. It all started late Monday.
Man the rates were the lowest I had seen them in a few weeks and then once I got quite a few clients locked before the rates jumped. It has continued being very volatile on Tuesday and Wednesday as well.

I would not wait much longer if you need to refinance. Take advantage of these still historically low rates.

Here is a quote from the MBS quoteline.


MBS prices are down -22/32 (FNMA 30-yr 4.5 at 99.06), below the 9:45 et pricing level of -9/32, and at the low for the day. Unfavorable repricing took place. A rally in the stock market pushed MBS markets lower. The FOMC minutes from the June 24 Fed meeting also were negative for MBS markets. The minutes revealed an upward revision to the Fed's forecast for economic growth and inflation in 2009 and 2010. Today's economic data had little impact. Both the CPI inflation data and the Industrial Production report came in close to expectations. The Dow rose more than 250 points. Tomorrow, Jobless Claims and Philly Fed will be released.