Mortgage Rate Re-Pricing Alert 1:15 PM ET, June 24, 2010

By:: David Coster - MortgageLoan.com

Lenders may raise mortgage rates from their initial morning pricing as early morning gains in the mortgage-backed securities (MBS) market have reversed. Following a 1:00 PM ET auction of 7-Year US Treasury Notes, the MBS markets are losing strength. In an unusual contradiction, the auction was strong, demonstrating demand for “safe” investments such as bonds, but MBS prices and the 10-Year US Treasury bond have dropped, nevertheless. Adding to the unusual market activity, the stock market has continued to be weak throughout the day. Typically, stocks and bonds, like MBS, move in opposite directions.

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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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