Mortgage Rates Show Slight Improvement

Mortgage rates improved a little bit today.  The most prevalently quoted conforming 30yr fixed rate for best-case scenarios is at 4.25%.

The Mortgage Backed Securities (MBS) have traded in a very narrow range - unable to mount any type of rally and terrific support that has staved off any sell off.  Today's analysis is really simple. There were no economic releases or Treasury auctions to react to and our technical support and resistance are quite strong causing MBS to move sideways.

The 300 "advisors" that Obama has sent will arrive in Iraq tomorrow and John Kerry is there too. Yep...that will solve the problem. By Monday everything will be fixed. Obviously, this is sarcasm - the events of the weekend will directly play into Monday's volatility.

In summary, as we continue to bounce around in a tight uneventful range for mortgage pricing it's important that we not get complacent. The importance of economic data releases starts to heat up as we head in to next week culminating with the all-important Jobs Report in just 2 weeks’ time. If you are closing is within the next 2 weeks and your happy with what you can lock in for today than what's the point in waiting. Beyond two weeks is simply gut check time to assess your risk tolerance.