Daily Market Update 3/20/09

Mortgage rates inched higher Friday in a relatively quiet session. Borrowers may benefit by waiting to lock in, as short-term locks, for periods such as 15 days, are priced much more favorably than longer-term locks. This is a function of the industry’s limited capacity to process existing refinance volume. Once the loan is approved and ready for closing the borrower is able to take advantage of current market rates that are not priced artificially high in an effort to slow the influx of new business. In economic news, stocks were little changed. The dollar rebounded after having fallen sharply following the Fed’s announcement of plans to purchase long-term Treasurys and mortgage-backed securities. Data on Existing Home Sales will be released next Monday. New Home Sales and Durable Goods Orders will be released Wednesday.

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