Posted To: Mortgage Rate Watch
Mortgage rates held their ground today, and in some cases, managed to improve after yesterday’s rout. This result was far from guaranteed during the morning hours though. Stronger economic data caused bond markets to weaken significantly, putting upward pressure on the day’s first rate sheets. Later in the day, traders set about making their end-of-month trades, which often must be made without regard for economic data or investment strategy. In today’s case, those month-end trades were a big benefit for the bond markets that underlie mortgage rates. Most lenders were able to reissue improved rate sheets by the end of the day, though we’ve only just barely begun erasing yesterdays losses. Many lenders are still offering conventional 30yr fixed rates of 3.875% on top tier scenarios. The more…(read more)
Via:: Mortgage Rates Manage Small Victory After Yesterday’s Huge Defeat
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