Rates Snap Back to 1-Month Highs

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Posted To: Mortgage Rate Watch

Mortgage rates bounced higher today, moving all the way back to the highest levels since early February. While that sounds quite dramatic, the same could have been said for the day before yesterday, not to mention the fact that the overall range remains quite narrow in the bigger picture. The average lender continues quoting conventional 30yr fixed rates of 3.75% on top tier scenarios. Several of the more aggressive lenders joined that crowd after having inched down to 3.625% yesterday. With today’s market movements, we can now confirm that yesterday was indeed just an opportunity for investors to close out trading positions ahead of tomorrow’s important announcement from the European Central Bank (ECB). In other words, mortgage rates are ultimately determined by bond markets. Bond traders…(read more)

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