Written By — Chad Emerson
It’s Friday the 13th, and fortunately all is well in the MBS arena. After taking it on the chin yesterday, the MBS are rebounding nicely. As I write this, the Dow and Nasdaq are down just a tick and mortgage backs are up 7.
The big news this week was the Labor Department announcing that the number of people standing in Line for first time jobless claims, rose by 2,000. It’s the second straight week for this, which normally would support lower mortgage rates, however, given the value of the mbs, it was only a matter of time before some profits were taken.
Expect more of the same this next coming week, whereas the stock market will be the main determinant of where mortgage rates are headed.
Interest rates for Investors are still decent at 5.125 – 5.250 for 20% down
Same rate for duplex with 25% down
Office Direct: (210) 483-4962
Mobile: (210) 557-6320
E-Fax: 1-(866) 217-8894
cemerson@primelending.com
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