This morning, investors are focused on the news of a controversial EU bailout proposal for Cyprus. The EU will provide a 10 billion euro bailout only if Cyprus taxes private bank deposits at a 6.75% to 10% rate, depending on account size. Without the bailout, Cyprus faces a high risk of default. The bank tax is hugely unpopular, however, and the government has postponed a vote until tomorrow to try to develop a more acceptable alternative plan. The uncertainty has caused a flight to safety, lifting MBS and hurting stocks.
The March NAHB Home Builder confidence index dropped from 46 to 44, the lowest level since October.
This chart shows the change in mortgage-backed securities (MBS) prices from today's market open at 8:00 AM ET and tracks how MBS prices have changed until the time of this post. The vertical-axis reflects the change in MBS pricing as measured in 32nds. Each 32nd is equal to 3.125 basis points.
Falling MBS prices result in higher mortgage rates. Rising MBS prices result in lower mortgage rates. MBS pricing provided by MBSQuoteline. Daily mortgage rates are based on real-time mortgage market pricing.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
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2015 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)