Maine Mortgage Rate Forecast for June 16, 2010
Here are some of the events affecting mortgage rates in Maine today:
What Mortgage Backed Securities Are Doing Today:
- The price of the FNMA 30-Year 4.5% MBS coupon opened at 102.38 this morning – the same as yesterday’s close.
- At 9:30 AM, the 4.5% MBS coupon was trading at 102.58 – up 6/32 from its opening.
Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down – and so do mortgage rates. I expect that mortgage rates will be up to 0.250 points better in price this morning as compared to yesterday.
U.S. housing starts fell 10 percent, the biggest decline since March 2009, to a 593,000 annual rate, from a revised 659,000 pace in April that was less than previously estimated, Commerce Department figures showed. Building permits, a sign of future construction, unexpectedly fell to a one-year low. Single-family starts suffered the largest drop since 1991.
Fannie Mae and Freddie Mac shares tumbled at least 23 percent after their regulator told the two mortgage-finance companies to delist their stock from the New York Stock Exchange.