Posted To: MBS Commentary

Fed Minutes and LLPA Hangover Hurting Rates Mortgage rates have been quite rebellious in 2020 when it comes to the guidance offered by the elders that typically tell them what to do. Treasuries and MBS may be saying "go lower" but rates have been reluctant to listen. Last week's LLPA drama only made that issue worse. The effects from that are lingering and now today, bonds gave up gains after the Fed said it wasn't interested in yield curve control. We need to see some evidence of strength either in bonds or mortgage rate margins before feeling like taking more lock/float risk. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 09:09 AM Bonds were gradually stronger overnight before flattening out during European hours…(read more)

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Source: Mortgage News Daily