May 7th, 2011 
admin Posted To: Pipeline Press
The driving force behind Mother’s Day was Anna Jarvis, who organized observances in Grafton, W.Va., and Philadelphia on May 10, 1908. As the annual celebration became popular around the country in 1914 Congress designated the second Sunday in May as Mother’s Day. Rates are improving, and agency MBS prices yesterday improved by .375-.50. Fannie & Freddie 4′s closed yesterday about 100.375. By and large, these securities are filled with 4.25-4.625% 30-yr mortgages. Let’s be conservative and add a point (1.0) for the value of servicing, and suddenly “the market” is paying nearly 101.50 (1.50 rebate) for a 4.50% 30-yr agency mortgage. Below that there will be some buy-downs, and above it will be some buy-ups, and it depends on rate lock period, but that’s about the pricing. This leads into…(read more)
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