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Mortgage Rate Forecast for August 2, 2010 - Improving, or...?
Mortgage Rate Forecast for August 2, 2010 - Improving, or...?
Here are some of the events affecting mortgage rates today:
What Mortgage Backed Securities (MBS) Are Doing Today:
The price of the FNMA 30-Year 4.0% MBS coupon opened at 102.41 this morning - the same as Friday's close. At 9:30 AM, the 4.0% MBS coupon was trading at 102.19 - down 7/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be up to 0.250 points worse in price this morning as compared to Friday.
Price Trend in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.0% coupon over the past 30 days from 7-3-2010 to 8-2-2010:

Economic Reports, News, and Events Affecting Mortgage Rates Today:
Institute for Supply Management's (ISM) Manufacturing Index - the manufacturing sector slowed again in July with a reading of 55.5 in the overall index - down from 56.2 in June and 59.7 in May. The new orders component fell to 53.5, the lowest of the year. This indicates a slower rate of growth in manufacturing. A reading above 50 ... more

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