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Mortgage Rate Forecast for September 13, 2010 - Improving, or...?
Mortgage Rate Forecast for September 13, 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 102.10 this morning - down 9/32 from Friday's close. At 9:30 AM, the 4.0% MBS coupon was trading at 102.19 - up 3/32 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 as much as 0.250 points better in price this morning as compared to Friday afternoon.
The reason for the large drop in MBS prices between Friday's close and this morning's opening is Friday was roll-over day in the MBS market. Every month, the MBS coupon is closed out, and all new loans are placed into the next month's coupon for delivery.  This process occurs on the 10th of every month.  There is no effect on rate sheets or pricing from this event.
Price Trend in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.0% coupon over the past 90 days from 6-14-2010 to ... more

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