Mortgage Rates Back Near Lows Of The Week

Mortgage rates finally extended yesterday's move lower, falling at an even quicker pace today. Weaker Retail Sales data contributed to a morning rally that was already underway in European trading overnight. Mortgage Lenders adjusted rate sheets lower to a greater extent than we typically see after such market movements, easily putting 3.5% back in force as the best execution (what is this?) for 30yr Fixed loans. For many lenders, this means the best rate sheet offerings of the week, though some are not quite back to Monday's levels. Friday's lows remain elusive, but then again, so do the trading levels that spawned them. Yesterday, we commented on bond market strength (where "stronger" = "lower rates") being surprisingly reassuring. That had to do with Treasuries and MBS ("mortgage backed securities" which most directly affect rates) going against the grain as far as economic data was concerned. The data suggested weaker bond markets, yet they held their ground. We noted that COULD speak to some innate level of resolve, but that today's Retail Sales data could throw a wrench in the works. As it happens, weak Retail Sales results were in line with today's bond market strength, so we can't really know how firm the resolve would have been in the face of further contrary data. More focus will shift back to Europe next week, introducing more potential volatility surrounding headlines. For those inclined to float, negative headlines out of Europe could help us extend the recent gains. For those thinking about taking the risk off the table, we'd note that we're very close to the best levels of the past 3 months--levels that would look like a great lock opportunity against almost any other day in 2013. ** information from Mortgage News Daily Call us for a confidential RE market analysis.....the Best time to Sell & Buy RE is N O W !!! Espie Franky Luxury Realtor at your service 305.283.5868