Much like yesterday, Mortgage-Backed-Securities (MBS), began the day in weaker territory and rallied in the latter part of the day. Improving MBS are usually good for Mortgage Rates
and today is no exception. But the benefits to rates were only enough to get things back to similar territory as yesterday. No major day-over-day improvements. Some lenders are slightly better, some are slightly worse, but on average, the Best-Execution Rates are unchanged.
Also similar to yesterday is the phenomenon where Treasury yields rose while mortgage rates held steady. This is more of an “FYI” than anything, or perhaps a reminder that it can happen, and just did. Yesterday we said that the increased availability of 3.875% had us feel even more like locking, and the fact that 4.0% Best-Execution continues to prevail just keeps reiterating that sentiment. On the secondary market, MBS have been so insanely focused on a narrow band
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