Mortgage Rates 7/21/2015

Mortgage Backed Securities, MBS, and therefore mortgage rates are drifting the day away.  There is little economic data and although they did start the day down 11 bps, they are currently up 20 and we may see some afternoon reprices for the better.  I’m still recommending locking, but I would wait another few hours to see if the reprices come through.  As far as the rest of week goes, the economic data is light; expect the drift to continue and MBS to respond to the technical trade patterns, which are currently just above the 25 DMA and whatever way the wind blows, in this case the stock markets will affect them too.