Mortgage Rates Rise a Bit Despite Market Improvement

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Posted To: Mortgage Rate Watch

Mortgage rates were very slightly higher today. That’s counterintuitive because bond markets were slightly stronger, and that almost always coincides with rates moving lower. All of this requires a caveat though: we’re talking about very small movements. In fact, we’re not even really dealing with a change in the contract interest rates themselves–merely the upfront costs (or credit) associated with those rates. In other words, you’d almost certainly be quoted the same contract rate today vs yesterday, but with microscopically higher closing costs (or a lower lender credit). Most lenders are in the 3.5-3.625% range on conventional 30yr fixed quotes for top tier scenario–in line with 3 year lows. While it is true that rates can exhibit this “sideways at the lows” behavior before continuing…(read more)

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