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Mortgage Rate Forecast for August 31, 2010 - Improving, or...?
Mortgage Rate Forecast for August 31, 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 103.25 this morning - the same as yesterday's close. At 9:30 AM, the 4.0% MBS coupon was trading at 103.47 - up 7/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be as much as 0.250 points better in price this morning as compared to yesterday afternoon.
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 8-1-2010 to 8-31-2010:

Economic Reports, News, and Events Affecting Mortgage Rates Today:
Consumer Confidence Index (CCI) - consumer confidence for July rose to 53.5 - and is a little better than the 51.0 reading that was expected. The previous readings were 50.4 in July and 54.3 in June. However, consumer confidence is still weak given the current job market situation. Posted by the Conference Board, this measures consumers ... more

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