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Mortgage Market Update - 3/12/08

After climbing 417 points yesterday, the stock market takes a breath...mainly on the oil prices inching toward $110...Makes you want to ride a bike to work. Interesting to note that my company repriced rates for the better yesterday at 4:55pm...Rates dropped from 6.25% yesterday to 6.00% on a 30 yr fixed rate mortgage. As I watch the bond yield this morning (currently at 3.54%), if the bonds continue to sell high then a reprice would be in order...and we would finally drop back below 5.875%.

Good Luck!

Posted by Sherry Bradley on 03/12/2008 09:25 AM

Comments (9)

mortgage market updates, sherry bradley, refi, finance

9 Comments on Mortgage Market Update - 3/12/08

From your lips to the investors ears Hope rates behave

03/12/2008 10:15 AM

by Joe Adams (Major Mortgage USA/Branch Manager)

We just repriced for the better but not enough to push 5.875% zero zero...

03/12/2008 10:35 AM

by Sherry Bradley (Fidelity and Trust Mortgage)

Hope you are right about the rates...we could all use some good news!

03/12/2008 11:46 AM

by Nathan Scott (TBD)

Hey Sherry

We are at 5.875 par now... keep your fingers crossed we may go lower by the end of the week... Fridays havee been good lately...

03/12/2008 12:23 PM

Hey Sherry

We are at 5.875 par now... keep your fingers crossed we may go lower by the end of the week... Fridays havee been good lately...

03/12/2008 12:26 PM

by Rick Kellow

Let's just hope that it will happen. Rates in the 5% range would be welcome again.

03/12/2008 12:51 PM

by Don Draughn - Mortgage Professional (High Point NC Mortgages)

Thanks for the information Sherry... I have found in the past couple of months... and weeks.. That the mortgage backed securities that we price our loans off of... have traded much differently on some days than the 10 year bond... The usual bellweather....

I hope rates go down like you predict... I am with Rick on 5.875% as far as par goes right now!!

VIVE LE LOW RATES!!!

03/12/2008 12:54 PM

by Chris Catanese (Ultimate First Time Buying Guides)

Don and Chris,

Thanks for your responses. We repriced for the better at 11:00 so we are in line as well. 30 yr FNMA outperformed the 5yr tsy by a 1/2 point yesterday. Fed is providing liquidity by swapping good quality mtg paper for treasuries...However, this still causes a "cherry picking" of the loans and not really easing the credit tightening in the short run.

03/12/2008 01:00 PM

by Sherry Bradley (Fidelity and Trust Mortgage)

Hey Sherry

I can't even look at my e trade account anymore. I might make me have a bad day. The trick is to think of the long term. Hisrtorically it will all be OK. Say Shery Haven't you loaned us money before for one of our houses?

Well if know of anybody in need of a Home Inspection, Send them our way.

Thanks

Preston Sandlin

www.homeinspectioncarolina.com

03/17/2008 07:19 AM

by Preston Sandlin (Home Inspection Carolina)

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