Best Day for Mortgage Rates in Well Over a Month

Posted To: Mortgage Rate Watch

Mortgage rates had their best day in over a month today. It was also the first day with any legitimate movement in nearly three weeks. Over that time, rates have been sideways to slightly lower, with the average lender continuing to quote conventional 30yr fixed rates of 4% on top tier scenarios. Today's improvement brings several lenders back into the high 3's, though the majority aren't quite there yet. Still, in the cases where today's quoted rate is the same as yesterday's, the upfront costs should be appreciably lower (or lender credit should be higher). We can chalk today's movement up to several factors. Most overtly, a key manufacturing report was quite a bit weaker than expected . Weaker economic data tends to benefit the bond markets that dictate mortgage rate movement, but that alone...(read more)

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