Mortgage Rates December 4, 2008

The FNMA 30 YR closed in the green today gaining 31bp for the day, the first positive day in MBS since last month (Nov, 28). The positive day came on the heels of the Market speculation that the Fed/Treasury will step in and bid/buy bonds in an attempt to drive mortgage rates to a target rate of 4.5%. The stock market took it on the chin once again with the DOW giving up 251.45 points. The 10 YR and 30 YR Treasury Notes are witnessing their lowest yields in 50 Yrs.

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