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May 22nd Mortgage Market Wrap-up 2

By
Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

Mortgage backed secuirites (MBS) closed down 9 basis points today at 104.28 having come to rest just 3 basis points above the former highest of all time level of support.  Despite the fact that stocks really did not do much today and that the auction of 2 year notes garnered an "A" rating, the recent downward movement and the grossly overbought stochastics kept MBS bonds in check today.  Be careful when discussing what rates are as many of the averages quoted by the media include points or partial points.  A forty day lock on a 30 year fixed rate was available at 3.875% today.

Comments (1)

Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Jeff

Thanks for the post and mortgage update. Have a great day

May 22, 2012 07:11 AM