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Mortgage Rate Forecast for May 6, 2010
Mortgage Rate Forecast for May 6, 2010
Here are some of the events affecting mortgage rates today:
What Mortgage Backed Securities Are Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.09 this morning - down 2/32 from yesterday's close. At 9:30 AM, the 4.5% MBS coupon was trading at 101.12 - up 1/32 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 about the same in price this morning as compared to yesterday.
Price Trend in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 4-6-2010 to 5-6-2010:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
Jobless Claims - remained fairly steady just below the 450,000 mark. 444,000 new claims for unemployment were filed last week, the lowest level in 5 weeks. This is 1,000 less than expected, and 4,000 less than the previous week. The four-week average for unemployment is up by 4,750 to 458,500. Continuing claims for the week of April 24 fell by 59,000 to ... more

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