Biggest Bounce of Year for Mortgage Rates

Posted To: Mortgage Rate Watch

Mortgage rates moved higher at their quickest pace of 2016 today. Rates have been faithfully following the slide in equities prices, albeit at a gentler pace. With stocks capping their best 2 days of the year this afternoon, it's no surprise to see rates in tow. Even though it's the most abrupt move of the year, the outright levels remain close to 2-month lows. The average lender continues quoting conventional 30yr fixed rates near 3.875%. Today's weakness mean that the average outlying lender is at 4.0% instead of 3.75%. In terms of strategy, this is the most threatening development we've seen so far this year. Of course, there's every possibility that markets are merely leveling-off ahead of next week's Fed Announcement, but there are just as many chances that we just saw a bounce that will...(read more)

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from Mortgage News Daily http://ift.tt/20jNJ7K