Mortgage Rates Back Away From Long Term Lows

Posted To: Mortgage Rate Watch

Mortgage rates moved higher today, but remained near the lowest levels in more than 2 months. Friday's drop was uncharacteristically sharp and put rates in a position to break 7 month lows had today gone the other direction. Most lenders are quoting conventional 30yr fixed rates of 3.875% on top tier scenarios. 4.0% is the next most prevalent quote with only a select few of the most aggressive lenders down at 3.75%. All of these assume top tier scenarios. Mortgage rates are most directly affected by the prices of mortgage-backed-securities (MBS) which generally move like 10yr US Treasuries. Both are considered part of the bond market. Another generality is that bond markets tend to benefit when stock markets are falling. While this isn't always the case, it has been a driving force so far in...(read more)

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