Daily Mortgage Rates Predictions

  

  

  

  

  

  

Rates are heading higher.

Inflation is the name of the game still today.  Even with the lowest consumer confidence report in 16 years, Mortgage Backed Securities can’t seam to recover.  Consumer’s fear of rising fuel and food prices is the major contributor to the low Consumer Confidence report.  The fact that new home sales beat estimates was another kick in gut for mortgage bonds.  Currently the FNMA Mortgage Bond is -34bp on the day selling at $100.00.  The San Francisco Fed President Janet Yellen reminded us this afternoon that the Fed has lowered rates enough and will be sticking to their holding policy at the next fed meeting.  Bonds are hurting and could touch the 200 day moving average at $99.44 [54bp lower!].  We will be keeping our eyes on the stock market this week and anxiously waiting for Thursday and Fridays economic indicators.