Posted To: Mortgage Rate Watch
Mortgage rates were unchanged on average today, though some lenders were slightly higher or lower than yesterday’s latest rate sheets. This is a small victory considering that underlying markets suggested rates should move slightly higher. Mortgage rates are most directly affected by mortgage-backed-securities (MBS) which tend to trade in line with US Treasuries. After this morning’s slightly stronger inflation data, bond markets moved lower in price and higher in yield–a classic reaction to that type of data. The most frequently-quoted conventional 30yr fixed rate remains 4.0% for top tier scenarios, though several lenders are an eighth of a point higher or lower. In a broader sense, today brings another repetition of the recent cycle to a close. That cycle began in early May when rates finally…(read more)
Via:: Mortgage Rates Unchanged Despite Market Weakness
