Posted To: Mortgage Rate Watch
Mortgage rates experienced some volatility today, but ended up in slightly stronger territory on average. At first, rates were higher, as underlying bond markets were quickly weakening in the morning hours (weakness in bond markets translates to higher interest rates). But bonds staged an impressive comeback with help from weak consumer confidence data and falling oil prices. Weak economic data tends to benefit bond markets. When bond markets move enough during the day, lenders often ' reprice ' for better or worse. This simply means that the lender is no longer accepting locks at the previous rates. Most lenders send out a new rate sheet at the same time. Thus mortgage rates have 'repriced.' Almost every lender repriced for the better by the afternoon, bringing today's average borrowing costs...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1QZdfbr
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