Mortgage Rates Highest in a Week

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Posted To: Mortgage Rate Watch

Mortgage rates moved higher again today, but not because of anything that happened today. Rather, it was yesterday’s bond market weakness that did the damage. Although many lenders reacted to that weakness by adjusting rates higher yesterday, those adjustments didn’t fully reflect the amount of weakness in bonds (weaker bonds = lower bond prices = higher bond yields, or “rates”). While the change in rates versus yesterday isn’t extreme, by any measure, the recent range is narrow enough that today’s rates are technically the highest since Tuesday of last week. At these levels, the average lender is slightly more likely to be quoting conventional 30yr fixed rates of 4.625% for well-qualified borrowers, although 4.5% is still somewhat common. Whereas the past 3 weeks have been a friendlier environment…(read more)

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