Mortgage Rates: Multiple Reprices for Worse Reported. Borrowing Costs Up

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Posted To: Mortgage Rate Watch

If 4.75 was really on the table yesterday, it's not still there today. A thinly attended Treasury auction is cited as the culprit behind rising mortgage rates today.The worst damage hit the tape in the early afternoon hours. And we never came up for air again. Reprices for the worse were reported. More than one lender repriced for the worse x 2. When a lender "reprices for the worse", their mortgage rates rise. Rates rose regardless of two weak economic reports. This reaction is counterintuitive to how one would expect the bond market to behave following a disappointing economic update. It does however remind us of the impact seasonal trading influences can have on loan pricing. This is what we said yesterday on the subject.... The final week of the year is historically slow on Wall Street...(read more)

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Source: www.mortgagenewsdaily.com

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