Another Good Day for Mortgage Rates!

We had a great yesterday sparked by the huge sell of in the Dow.  As investors move money out of stocks, they put them in bonds which raises the price of bonds and lowers the yield.  The yield moves with interest rates.

Today started off with a small rally, but as of 1pm EST, the volatility is having us hover around unchanged.  This has been good news for bonds which are nearing all time lows.  The 10 year note is currently at 4.08%.

Other than traders following the stock market and corporate announcements, the most interesting news of the day is that new permits for housing starts are down 14%. 

Depending on the lender, rates are roughly the same today as yesterday.  The FED minutes will be released at 1pm EST and could cause a big swing based on language regarding inflation.  If they are worried about inflation, expect a mid day rate increase, if they hint at future rate cuts, expect a slight rate improvement.

Here’s what our best lender on the MND Discount Program is offering today:

30 Year Fixed -    Rate: 5.875%   APR: 6.077%