Posted To: Mortgage Rate WatchMortgage rates caught a break to end a week that was otherwise spent moving higher. Although we did see a bit of improvement in underlying bond markets yesterday, lenders were still getting rate sheets caught up with Wednesday afternoon’s bond market weakness. As such, we were left with a decent trading day but no improvement in rates. In order to see that improvement, we needed this morning to bring stronger trading levels and that’s exactly what it did. Lenders were consequently able to offer token improvements in the upfront costs attached to the same old rate quotes that have prevailed for weeks. In other words, bond markets aren’t moving enough for actual mortgage rates to change. Instead, movement is limited to the upfront costs (or credits) associated with any given loan–something that…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631