Today's Mortgage NewsAug 22 2012
Market showing some signs of a reversal this morning after the yield on the US 10yr note failed to push through 1.86 for the third time yesterday afternoon. Mortgages gapped up overnight and the rally continued after a report from the MBA showed new mortgage apps declined 7.4% last week. At the moment, Fannie 3s are up 12 tics or .375%. With the triple bottom in UST and light flows from originators, I’m cautiously optimistic that mortgage rates will continue to improve. That said, I’d like to see Fed Minutes at 2pm EST before I’d take any position. Its not a bad idea to lock em if you got em this AM, as these Fed days can be volatile.