Mortgage Rates Index - JUN 12
BIG DROP for mortgage rates!
The cost of getting a mortgage has decreased 52 basis points in the last 5-days.
That is $2,600 in savings on a $500k loan.
Mortgage rates do not rise or fall. Instead, the cost of each rate changes based on the price of mortgage bonds (MBS).
The PRICE of mortgage bonds move inverse with the RATE of treasury bonds - same tune, different dance.
The LendZen Index tracks the price of rates across a spectrum of MBS.
This provides a clearer picture of how the cost to obtain a mortgage has changed.
Today is the lowest price for rates in 10-days, fully recovering from last Friday's NFP employment data that tanked bonds.
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