The Mortgage Man

Get more out of your mortgage experience!

Monday May 12, 2008

Mortgage Rates Today

Mortgage Bonds are trading just above dual floors of support at the 50 and 100-day Moving Averages. There are no economic reports set for release today, so once again technical factors and action in the Stock market may influence the direction of Mortgage Bonds.

London based HSBC, Europe’s biggest bank, has set aside a smaller than estimated $3.2 Billion for bad loans in the US and said that first-quarter profit increased. This surprisingly good news from the financial sector is helping Stocks a bit overall.

Friday’s Daily Update and subsequent Alert to Lock should have helped you avoid the pricing erosion we have seen since Friday morning, but on new transactions, we can carefully Float while Bond prices sit just above support.

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