Mortgage Bonds are being pressured lower today as Stock prices continue to rise.
In the housing sector, Fannie Mae reported record earnings in 2013 and has paid back all of the bailout money owed to the Treasury. The Mortgage Bankers Association reported yesterday that foreclosure rates declined to the lowest level in six years.
In economic news, Existing Home Sales declined by 5.1% from December to January due to the disruptive and prolonged winter weather patterns, tight credit, limited inventory, higher prices and higher mortgage rates.
Due to the drop below a key technical level, I am recommending to lock, which seems prudent at this time. Have a great weekend!
Mortgage Market Guide