Mortgage Rates Recover Somewhat, But Not Out of Woods


Posted To: Mortgage Rate Watch

Mortgage rates bounced back today, to some extent, after rising at the fastest pace in more than 3 months yesterday. Most of yesterday’s damage remains, however, and most lenders are still quoting conventional 30yr fixed rates that are an eighth of a point (.125%) higher than those seen on Tuesday. This flies completely in the face of this week’s Freddie Mac rate survey, which noted very little change in last week’s “3-year lows.” True, rates were near 3-year lows last week and earlier this week, but that changed abruptly yesterday. At least half of the change occurred after the Fed’s 2pm release of its “Minutes” (from the late April Fed meeting). Freddie Mac is essentially done counting survey responses by then, so all of the dramatic movement happened just late enough to miss being included…(read more)

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