Mortgage Rates Still Holding Near Recent Highs

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Posted To: Mortgage Rate Watch

Mortgage rates were very slightly lower today, but not by enough to have an impact on the actual interest rates being quoted. Specifically, the “effective rate”–which factors upfront costs into an overall cost of financing is slightly lower due to changes in those upfront costs. But borrowers will be seeing the same interest rate at the top of the page on today’s loan quotes compared to yesterday. In the bigger picture, rates are merely hovering around the highest levels in more than 2 months. Just 3 and a half weeks ago, they were at the best levels in more than 10 months. As dramatic as that sounds, the average top-tier conventional 30yr fixed rate quote has only moved an eighth of a percent higher during that time. The bigger concern would be a move higher from here. Both Treasury yields…(read more)

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