Mortgage Rates: Float or Lock? 05/17/2014

By
Mortgage and Lending with First Midwest Bank - Conventional / VA / Jumbo / FHA/ USDA 143306

We will continue to float headed into the weekend, but as we have been saying, Mortgage Bond prices are near the October resistance highs. Each time we have hit these levels, prices have dropped.

MARKET WRAP:

Into the 5th month of tapering, Mortgage Bond prices are at their best levels since the pullback in buying began. Home loan rates are the lowest since November. The 4% coupon continues to hover near the October highs, but did experience some selling in today's session with the better than expected housing data. The 4% closed at 105.31, down 12bp, but up nearly 50bp for the week.

Stocks had a mixed week - the Dow gained 44.50 points to 16,491.31, down .56% for the week - the S&P 500 was up 7.01 to 1,877.85 and near unchanged for the week, while the Nasdaq rose by 21.29 points to end the session at 4,090.58 and up .46% for the week.

Oil was last seen at $102.13/barrel up 64 cents.

Have a good weekend.

 

Posted by

Neil Coleman

Licensed Mortgage Professional

NMLS # 143306

Office: 708.349.7467

Serving Illinois, Indiana, Wisconsin, Iowa, Michigan, Florida, California, Colorado, Arizona, Utah

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Neil J Coleman

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