When the price of Mortgage Backed Securities (MBS) on the above chart above goes up mortgage rates come down. When the price goes down mortgage rates go up.
The chart above was produced at the close of today's trading. We are currently close to 2 year highs.on prices and 2 year lows on mortgage rates. Buyers of MBS have turned into sellers when we have hit these prices in recent history. This makes it difficult to see further improvement in rates.
Below is the news when it happened and market reaction. All of the times below are Eastern Standard Time
10:05 AM New Rates have been posted http://www.johnmarbury.com/page5.html/