Market rates update

Another day of gains! Please forgive us as we transition our blog to our new web platform, it has been a work in progress and we will soon enough have it sorted! To cut to the short, we have been enjoying an extended period of exceptionally low rates. Market support for the coupons backing mortgage interest rates have been trading at all time highs in price. This is very good for the market. It not only demonstrates there is an appetite for fixed income products, but also provides support for rates to remain low in the near future. Add to this the Fed's stance on the possibility of injecting more assistance in to the economy in the form of quantitative easing, and we can see why these low rates are available! As of this writing, the 4.5% FNMA coupon is up almost 10 ticks to 104 22/32. Fixed 30 year rates for a well qualified conforming borrower are in the 4.0-4.25% while ARM rates are as low as 2.95%. Stay tuned for a more in depth analysis as the week proceeds!