Image via WikipediaMortgage Rates: Multiple Reprices for Better Reported. Borrowing Costs DownYesterday was a sensory overload for rate watchers. Lenders repriced for the worse. Then they repriced for the worse again. And again. One lender recalled rate sheets five times! I am not kidding. 5 TIMES!! That is a lot of repricing for the worse. Repricing for the worse = higher mortgage rates.
Today was a sensory overload for rate watchers. Lenders repriced for the better. Then they repriced for the better again. And again. One lender recalled rate sheets five times! I am not kidding. 5 TIMES!! That is a lot of repricing for the better. Repricing for the better = lower mortgage rates.
The culprit behind yesterday's sell off was a weak Treasury auction. The culprit behind today's rally was a strong Treasury auction (although we witnessed bargain buying before the auction).
Sorry for repeating myself but that was the easiest way to explain the events that have played out over the last 36 hours in the primary mortgage market. I suppose I could've just as easily said "up up up up up...down down down down down"
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