Home Loans Mortgage: Bonds Tank, Rates Significantly Higher After FOMC

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Apr 3, 2012 4:29PM

FOMC Minutes Show Waning Enthusiasm For QE3. Bonds Tank.

Weakness persists for Treasuries and MBS following today's FOMC minutes. No new information has come to light and current trading is merely the leftover aftershock from the earlier jolt, now playing out in lighter volume, after-hours trading. 10's are

Apr 3, 2012 5:01PM

Mortgage Rates Significantly Higher After Fed Meeting Minutes

Mortgages Rates got crushed today, relatively speaking. It's ironic that we noted yesterday's rates as getting close to 3/13's levels because today's rates are turning out to be closer to 3/14's significantly worse levels. While the recently prevailing Conventional 30yr Fixed Best Execution Rate of 4.0% remains intact, costs to obtain that rate will be immensely higher today vs yesterday. More than a few lenders will have issues hitting that 4.0% mark with a "no closing cost" loan. (read more about...

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Micro News

3:56 PM:	Bond Markets Leaking To Worst Levels After Hours
2:40 PM:	10yr Yields Breaking Important Technical Level. MBS Sell More
2:25 PM:	This Will Not Be A Knee-Jerk. Pain Continues For Bond Markets
2:00 PM:	Initial move down is a big one. Negative Reprices Likely
1:57 PM:	Some Weakness Heading Into FOMC Minutes
1:06 PM:	Lenders Expect Loan Delinquencies to Drop, Credit to Expand : FICO Survey
12:15 PM:	Markets Huddle Together, Waiting For Shoes to Drop
10:10 AM:	ECON: Factory Orders Rise Slightly Slower Than Expected

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Today's Comments

	"Really?: "The premise behind a modification was that if we lowered the payment they would continue to pay. The result of that exercise hasn't..."
	"These results are not surprising. With so many loans that fall out, agents want to partner with lenders that they have a high level of confidence can get..."
	"Frank....Cool...I was not aware of that. So how often when you run DU Refi Plus do the findings allow for no ratio? I ask because we have a subset of Fannie..."