Mortgage Rates February 09, 2009
What a way to start the week! Mortgage Rates improved slightly today, look for even better pricing tomorrow, after MBS (FNMA 30 YR 4.5%) posted a healthy 38pb improvement. Check Real time Mortgage Rates. For the technical’s Friday looked to be Morning DoJo, this could be the starting point for a rebound towards positive rates. The news regarding the Bad Bank plan could have been exactly what MBS have been looking for. This week Mortgage Rates will be more influenced by news out of Washington rather than Economic reports. In addition to the Stimulus Package vote and Geithner’s plan for the U.S. banks, Fed Chairman Ben Bernanke will testify Tuesday in front of the House Financial Services Committee. 
Bond maven Bill Gross also Forecasted the fact he has confidence rates will come back down to 4.5% (watch interview)
Today marks Obama’s first Press Conference as President.
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