Mortgage Rates Edge Higher Again

Posted To: Mortgage Rate WatchMortgage rates were just slightly higher again today, keeping them in line with the highest levels in about 3 weeks. The same caveat applies: we’re talking about “effective rates” (which factor in upfront lender costs) as opposed to “note rates” (the actual interest rate that most of us have in mind when discussing mortgage rates). In other words, most prospective borrowers are seeing the same old rate on any given day over the past 3 weeks, but the overall cost of financing, on average, would be highest today. Loan Originator Perspective Bonds lost ground for a third straight day today, as month end demand failed to provide support. Looks like our little rate dip has passed. I am locking new applications closing within 45 days for all but the most risk-tolerant clients. – Ted Rood, Senior…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631