Mortgage Rates are Great Today!

The chart I am showing is a 6 month view rather the typical 3 month view that I share to show a longer perspective.  Mortgage Rates are starting the year at close to the best levels in the past 365 days.  Oil is once again fallings, great for all of us who consume it, but it is leading stocks lower.  Thus bonds, like mortgage backed securities, MBS, are benefiting from this.  Last week we closed above a key level of resistance and have crossed through another this morning.  This is all good news for mortgage rates, but a reversal in oil and/or a stock market rally could change this.  Should this pattern hold, MBS do have some room to rally more!