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Mortgage Rates Pull Back as Overseas Drama Subsides; New Home Applications Dip; Distressed Loans at 2007 Levels

Mortgage Rates Pull Back as Overseas Drama Subsides; New Home Applications Dip; Distressed Loans at 2007 Levels

Mortgage rates continued higher today as the recent volatility in global markets subsided. Treasury yields and mortgage rates both benefited from the uncertainty caused by Tuesday's big news out of China . They continued to improve until China stepped back in to buoy its currency (Yuan). Long story short, when China said Yuan would no longer be artificially propped up by state-owned banks, global markets freaked out. Money rushed into safe havens like US Treasuries (which in turn benefited mortgage-backed securities). More demand for bonds in the US meant lower rates (think: investors clamoring for your mortgage business). Then when China recanted on Tuesday's announcement, things started calming down and the demand for US bond markets ebbed (which means mortgage rates moved back up). If that
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