Today expect rates to be the same but a worsening to rebate pricing (the cost to obtain a rate or the credit the lender gives you towards your closing costs when selecting a rate). We should also expect to continue the slide in MBS (Mortgage Backed Securities) pricing with the release of today's economic data reports. We can only sell off for so long before we see a reversal for a bounce back, but that reversal isn't likely to happen today or tomorrow. For those that have time to wait, what goes up will come down some when we see a turnaround, the question is how low we will go before then. We likely have more room to fall and see rates go up another .125 to .250% before we see a bounce. The technicals show MBS as being oversold, meaning that we should see a bounce soon. However, with the economic data that is being released the rest of this week, we likely don't see that bounce until next week - especially if the data leads traders to believe that Fed tapering is around the corner. If you've got a couple of weeks that you can wait before locking, discuss the risks and benefits of waiting with your Mortgage Loan Professional. If you are closing soon, don't chase your losses waiting for a reversal, it appears we still have farther to go and that things will still get worse.

Remember, if you want to know the benefits of locking your rate today versus floating, simply contact your Most Trusted Mortgage Loan Professional who has access to real time Wall St. data and instant market alerts with breaking news. Yesterday's Interest Rate Market RecapYesterday MBS (Mortgage Backed Securities) lost -28 basis points, meaning that rates should remain the same today for most lenders but rebate pricing (the cost to obtain a rate or the credit the lender gives you towards your closing costs when selecting a rate) will be worse. The -28 basis points loss is not nearly as bad as the low for the day, which was -27 basis points lower than that. We started the day with huge losses on the release of the early AM economic data reports (namely the ADP Private Payroll numbers), as the report came in much higher than expected. Traders are watching these reports closely for signs that the Fed may begin tapering later this month rather than next year. Provided by RateAlert.com, the industry's Most Trusted source for mortgage interest rate market data, analysis, and alerts. For details about your specific home loan scenario, please contact your Mortgage Loan Professional.