Mortgage Rates 04-28-16

By Lisa Robison Updated on 4/28/2016

Mortgage rates moved lower for the now second day in a row.  This is thanks to the PSR,  a term that MBS Live member Jeff Anderson coined to describe the Post-Supply-Rally.  This phenomenon happens following the end of the weekly auction cycle.  That day happened to be today, with the last auction being the 7 year auction at 1pm EST.  Immediately following the auction results, bonds rallied, and the 10 year yields fell to a low of 1.81.  Tomorrow will be significant in that it signifies month end.  As such, there will be a bit of extra demand to buy.  Money managers everywhere will be looking to balance out their books.  Check back here tomorrow for the most recent mortgage news and rate update.  

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• 30 year (FRM) rates at 3.68% (-0.05%).
• 15 year (FRM) rates at 2.96% (-0.06%).
• FHA 30 year Fixed rates at 3.30% (-0.05%).
• Jumbo 30 year Fixed rates at 3.62% (-0.03%).
• 5/1 ARM rates at 3.05% (+0.03%).