Mortgage Rates June 5, 2009 – Week Review – I Hate When I Am Right!
Not much to say except is it over yet?
As my colleges would say “Stop Being Chicken Little” although this time I might be right? Over the last eight (8) days MBS have been getting there you know what handed to them. This does not translate good for consumer Mortgage Rates. End of market pricing 5.25% was par for a 30 YR Conforming Grade A Borrower. As stated in earlier post this year I forecasted Summer 2009 would be the End of the Run for LOW Rates
Fed announced its plan to purchase Mortgage Backed Securities last week, and began buying them Monday. The Fed will announce the results each Thursday (This should be an interesting rate day). The Fed is estimating 500b will be purchased. This process will continue gradually through June and should aid in pushing rates down until then. (Read between the lines, make sure your refinance or purchase before the end of July 2009, in order to take part in History) Market Forecast Week of January 5, 2009
As you can see from the chart it has not been pretty in the MBS Market. If my Technical Analysis serves me right; if we don’t fill Friday’s gap we are in trouble!
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=2991f6c4-5ee8-441e-9503-8cd61ba39c9b)
No related posts.
wow this is a neat site and a lot of stuff here. I am scared to death and have been watching my equity (what’s that) and my perceived laon to value take a DIVE with PMI and excessive fees to refinance? My current company GMAC has never called me back and is difficult to call into with it seems no NY licenses loan officers?
Great info! Thankyou. I have been wondering about this.