The yield on the benchmark 10-year Treasury fell to yet another new low Thursday, 1.75%, as stocks sold off over new double-dip recession fears.
Mortgage firms, such as Quicken Home Loans and others, were once again advertising 30-year fixed-rate loans at less than 4% on their websites, depending on the amount of points paid.
As for stocks, mortgage insurance shares in particular were getting hammered in early afternoon trading, in part because of a layoff announcement by Radian, the nation's second largest MI firm ranked by new polices written. (See related story on the NMN website.)
MGIC and Radian both were off by 10% in trading with Genworth falling 7%.
Big banks were the top decliners -- a day after Moody's lowered debt ratings for large lenders. Shares of Citigroup and Morgan Stanley hit a 52-week low at the market's open. Bank of America's share price was once again toying with a new 52-week low.
Meanwhile, according to new figures compiled by Freddie Mac, mortgage rates hovered at record lows for a third straight week: 4.09% for a 30-year FRM, the lowest rate since 1951. Of course, the reading came before Thursday's market activity.
