Mortgage Rates Move Back Up

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Posted To: Mortgage Rate Watch

Mortgage rates are still technically in a sideways holding pattern, but today’s move took them slightly higher inside their recent range. The average lender is back in line with Friday afternoon’s offerings. This leaves most borrowers looking at rate quotes that aren’t quite as high as those seen on April 25th (4-year highs), but still .125-.25% higher compared to the end of March. The unfortunate development today actually occurred in the Treasury market. Although mortgages are officially dictated by the price of mortgage-backed-securities (MBS), Treasuries do more to set the tone of the overall market for interest rates in the US. They’re like the trunk of the tree and the mortgage bond market is one of the bigger branches. In other words, big developments in Treasuries have implications…(read more)

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