Mortgage Rates Weekly Review – June, 19 2009 – Rates Heading Lower (Chart)

Another positive week for Mortgage Rates. The Benchmark FNMA 30 YR 5% posted a positive 28bp improvement overall this week.  The newfound lack of confidence in the U.S. recovery coupled with the Geopolitical landscape are contributing factors to the resurgence in lower rates.  Fridays close is a positive sign for chartist or technical analyst similar to stocks when a security finishes positive on low volume it is a good sign. The old saying volume precedes price, displays the fact money is moving back into the security.  This upcoming week should be interesting as the FED is set speak, one can only wonder if they will discuss the uncalled for kneejerk rise in MBS and Mortgage Rates.

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