3 August 2009 ? Today the mortgage backed bonds opened down 28 and continued to slide and are now currently down 59 bps. Last week we had a good rally with bonds as reported in the daily update and on Friday we hit a level of resistance which basically predicted this downturn this morning. The ISM index number came out at 48.9, which is better the expected number of 46.5. A reading over 50 would indicate the economy is getting better so while this number improved, it still does not paint a rosy picture. Former Fed Chairman Alan Greenspan commented that the recession is almost over which sparked a rally in the stock market, putting additional pressure on the bonds. Today?s 30-year rate for the well qualified buyers of single family homes with an LTV of 60% would be 5% (assumes $350,000 loan amount or greater).Email This Post To a Friend.
30-year Fixed Mortgage Rates Still in the Low 5s.
August 3, 2009
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