Rate Lock Radio_What happened to mortgage rates today?

This is an emergency broadcast for Rate Lock Radio, as I'm getting asked many questions about the mortgagemarket events over the last 48 hours, and where mortgage-rates are headed. Volatility is pretty much the norm, and most likely will be over the next couple weeks.

First, everyone wants to know what happened? It went by so fast that some people were asking "where did it go?" and others were saying, "Where'd what go?"

Really though, how did we see 178 basis point pricing improvement in mortgage backed securities in one afternoon? Literally within a matter of less than a couple hours??

Plus, where are rates headed? I'll discuss what the crystal ball is telling us right now. ;)