Mortgage Rates Slightly Higher Ahead of Fed

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Posted To: Mortgage Rate Watch

Mortgage rates moved modestly higher for the 4th straight business day today. Last Wednesday saw the best levels in a month with some lenders in the best shape since early September. The recent move higher brings rates back into the higher part of the prevailing range. If that all sounds somewhat dramatic, it’s not . The “prevailing range” is so narrow that it barely bears mentioning. In fact, quite a few loan scenarios would be quoted the same “note rate” on any day in the past several months. Why, then, are we talking about rates “moving?” Technically, it’s the “effective rate” that’s moving because lenders use upfront costs to make finer adjustments to the cost of financing. In other words, if two people are quoted 4.0%, and everything about the quotes is the same except for a $200 difference…(read more)

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