Posts Tagged MBS

Salt Lake City’s Mortgage Market Update for Oct. 21, 2008

Mortgage bonds are unchanged following yesterday’s strong rally spurred by PIMCO’s announcement that it had raised its stake in Mortgage-Backed Securities (MBS) to 79% by the end of September, their highest in over 7 years.  PIMCO is now the largest Bond Fund, and by doing this they sent a reassuring signal to global investors that the reward (yield) provided by Mortgage Bonds is worth the risk (price).  This could definitely help the market move forward in a positive manner.  For today I recommend floating if you are in the process of a new loan.

For Salt Lake City, UT this morning’s mortgage rates are as follows:

30-year fixed: 5.875%

20-year fixed: 5.875%

15-year fixed: 5.50%

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