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Mortgage Rate Trend is Not Your Friend; Fannie Addresses Complexity; Prices Helped by Foreclosure Drought

Mortgage Rate Trend is Not Your Friend; Fannie Addresses Complexity; Prices Helped by Foreclosure Drought

Mortgage Rates were higher again today, marking the 9th straight day without any improvement. 3.625% is quickly becoming the most prevalent conventional 30yr fixed quotes on top tier scenarios, though quite a few lenders remain at 3.5%. On an optimistic note, when losing streaks get this long in rates markets, we're increasingly likely to see at least one day of relief in the near term future. That said, it will take more than a day or two of strength to call the current trend into question. If it's not clear from the title, the tone, and the originator perspective below, the current trend is not your friend--at least not if you want rates to go lower in the short term. However, the trend can still serve a purpose. Because of its linearity and duration, it will be fairly easy to see when this
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