Mortgage rates are flat and at 4.75% 30-years fixed. The current 15 year fixed rate is 4.25%. Today's 5/1 ARM rate is 3.75%. Mortgage applications are up on the record low rates. The home buyer tax credit was recently extended until April 10' and opened up to everybody. The Fed's comments recently saying inflation is under control has helped Mortgage Backed Securities prices. Mortgage rates move the opposite of MBS prices.
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