Posted To: Mortgage Rate Watch
Mortgage rates moved higher today as MBS prices fell following two better than expected economic reports. The move lower in MBS prices forced lenders to reduce rate sheet rebate, pushing consumer borrowing costs higher for the third consecutive day. The streak of rising rates was started by a weak 3 year note auction on Tuesday which carried over into Wednesday and Thursday after the Treasury found it difficult to attract demand for their auctions of 10 year notes and 30 year bonds. Unfortunately the negative momentum extended into today thanks to retail sales and consumer sentiment releases were better than anticipated. In regards to the retail sales report….this data measures the monthly change in total receipts at retail stores that sell both durable and non durable goods. Since consumer…(read more)