Mortgage Rates: Strong Start Gives Way To Reprices For The Worse

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Posted To: Mortgage Rate Watch

Mortgage rates made a move toward lower territory early this morning but just couldn't hold the improvements through the end of the day. The gains didn't even make it past lunch! After topping out around 11am, mortgage-backed securities prices (price up = rates down) started to lose steam with steep losses noted just after 2pm. Although the big picture significance of these unfriendly movements is muddled by a low volume holiday trading environment, lenders were still forced to reprice for the worse. With reprices behind us and our mortgage rate model updated, loan pricing remains in-line with quotes offered by lenders on Friday afternoon, which puts the best execution 30 year fixed mortgage rate at 4.875. Important Mortgage Rate Disclaimer: Loan originators will only be able to offer these...(read more)

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Source: www.mortgagenewsdaily.com

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