Mortgage Rate Re-Pricing Alert 11:00 AM ET, August 27, 2010

By:: David Coster - MortgageLoan.com

Mortgage rates may re-price higher this morning. As expected the stock market and the mortgage-backed securities (MBS) market reacted immediately to the downward revision of 2nd quarter GDP. Then the markets reacted to the comments of Federal Reserve Chairman Ben Bernanke this morning at the Jackson Hole Economic Summit. Initially, the reaction was negative as no new initiatives were announced to stimulate the economy. But as predicted, further review of his comments resulted in a more positive assessment by analysts and traders.

Chairman Bernanke was clear that the Fed still had steps it could take to provide economic stimulus; and, more importantly, made it clear that it was prepared to use them. He spoke of slower but sustained growth that picks up in 2011. This was received positively in the stock market, which results in lower MBS prices and higher mortgage rates.

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Loan Type	Today	+/-
30 yr fixed	3.72
15 yr fixed	3.03
5/1 ARM	2.75

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