For the week of June 13, 2011 – Vol. 9, Issue 24 >> Market Update QUOTE OF THE WEEK…”There is nothing either good or bad, but thinking makes it so.”–William Shakespeare INFO THAT HITS US WHERE WE LIVE… There are those who think the housing market is in bad shape, with the start of a [...]
Wall Street continued its flight-to-quality last week. Mortgage-backed bonds are now at their best levels since early-February. Mortgage rates have improved 4 straight weeks.
Mortgage rates dropped last week, but, this week, there appears to be more reasons for rates to rise than fall. Plan accordingly.
For just the second time in 2011, conforming mortgage rates fell on a week-to-week basis.
According to Freddie Mac, mortgage rates made their largest 1-week jump in more than a year last week, tacking on 0.24 percent and bringing the average national 30-year fixed mortgage rate up to 5.05%. In some markets, rates are even higher.
Mortgage rates rose for the 4th time in 5 weeks last week, extending a losing streak which dates back 4 months. This week, they should do the same.
Mortgage markets improved this week as positive economic data was overshadowed by geopolitical strife. A flight-to-quality drove buy-side activity in mortgage bond markets, which, in turn, helped conforming rates fall.