Mortgage Rates Improve Following Fed Statement

via Mortgage Rate Watch by Victor Burek on 9/24/09

The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurriedly sold their fixed income investments ahead of the FOMC statement. This led to MBS falling below the recent range and a few lender reprices for the worse. However, following the release of the Fed statement, Treasuries rallied, the dollar recovered losses, and stocks sold off. When all was said and done MBS managed to close the day near the upper end of the current trading range, allowing lenders to reprice for the better, keeping mortgage rates in the same stable range they've in over the last few weeks. …(read more)

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