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Mortgage Rate Forecast for June 1, 2010
Mortgage Rate Forecast for June 1, 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 102.00 this morning - the same as Friday's close. At 9:30 AM, the 4.5% MBS coupon was trading at 102.19 - up 6/32 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 up to 0.250 points better in price this morning as compared to Friday afternoon.
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 5-2-2010 to 6-1-2010:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
Institute for Supply Management's (ISM) Manufacturing Index - dropped in May to a reading of 59.7, about as expected. While down 0.7 points from April's reading of 60.4, this indicates there's solid growth in the manufacturing sector. Readings above 50 indicates manufacturing sector expansion rather than contraction. While the readings are encouraging, they had no impact on mortgage rates ... more

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