Mortgage Rates Hold Ground, but Threaten to Move Higher

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Posted To: Mortgage Rate Watch

Mortgage rates managed to hold steady today despite weakness in underlying bond markets. That means the rates being offered by lenders are substantially similar to yesterday’s, but the rates implied by trading levels of mortgage-backed-securities (MBS) would be just a bit higher. Typically, when MBS weaken enough during the day, lenders will adjust rate sheets accordingly. Indeed, quite a few lenders did just that, but even then, they weren’t far off yesterday’s levels. By the time the other lenders (the ones who did NOT raise rates in the middle of the day) are factored in, the average is right in line with yesterday. That means conventional 30yr fixed rates of 3.5-3.625% are still the most prevalent quotes on top tier scenarios. If bond markets (which include MBS) begin tomorrow in similar…(read more)

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