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What stirred our market today?
The Fed is making it clear that they think Mortgage Rates to consumers are too high relative to Treasures. The last time we had rates (Treasuries & MBS) this low was back in 2003-2004, when the 10Yr Treasury bottomed out (in Yield) at 3.11 on 6/13/03, and the Fannie Mae 30y 30 day commitment (FNCR3030 on Bloomberg) bottomed out @ 4.66 for a spread of 1.55.  Currently this spread is 2.53, which is 98BP wider then it was in 2003.  Many things have changed over the last few years, with the current economic and housing situation looking worse then they did in 2003.  The potential impact on mortgage rates could be tremendous.  
 Let's hope that this becomes the new mantra.  As real estate goes...so goes the United States.  Are you ready for mortgage rates to fall ??  
(Data and commentary provided courtesy of Rob Branthover @ MIAC)
 
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