Mortgage Rate Re-Pricing Alert 2:00 PM ET, June 23, 2010

By:: David Coster - MortgageLoan.com

Lenders who improved their pricing early this morning after the news that new housing sales had dropped to their lowest level since 1963 may take back the improvement. The reason was a poor auction of US Treasury 5-Year Notes at 1:00 PM. Treasuries fall into the same category as mortgage-backed securities in the eyes of investors. They are considered relatively “safe” investments. Any lack of demand for treasury notes can be interpreted as potentially a sign that mortgage-backed securities may not be as desirable. This has caused mortgage pricing to worsen. Any unexpected results from the Federal Reserve’s meeting today could caused mortgage pricing to move again. A statement is expected from the Fed in the next few minutes.

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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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