Mortgage Rates Predictions

  

  

  

  

  

  

June 3, 2008 | Rates are still heading higher…

Yesterday the Mortgage Bonds showed a solid recovery during the end of the day to close at 99.59 actually up +25bp from their open of 99.34.  This was due to losses in the stock market.   The 200 day moving average has still been the Mortgage Bonds personal struggle, currently at 99.51.  This morning Mortgage Backed Securities seam to be losing the fight as they are down -19bp on the day at a price of 99.41.  Today there are no scheduled economic indicators being released.  The fate of Fannie Mae Bonds will be in the hands of stocks, oil, scheduled public speeches, and the 200 day moving average.  Let’s hope tomorrow we get some bond friendly news to get mortgage rates lower again.