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Mortgage Rate Forecast for August 9, 2010 - Improving, or...?
Mortgage Rate Forecast for August 9, 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 102.78 this morning - the same as Friday's close. At 9:30 AM, the 4.0% MBS coupon was trading at 102.72 - down 2/32 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 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 7-10-2010 to 8-9-2010:

Economic Reports, News, and Events Affecting Mortgage Rates Today:
There are no economic reports scheduled for release today. In other news, the Treasury Dept will be auctioning $38 billion in 2-Year notes, $37 billion in 5-Year notes, and $29 billion in 7-Year Notes for a total of $78 billion this week. The Notes and Bonds are used to finance the massive government debt. The results of these auctions could ... more

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