Mortgage Rates Creep Higher Despite Closed Markets

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Posted To: Mortgage Rate Watch

Mortgage rates rose slightly on Tuesday, even though financial markets were fully closed due to Hurricane Sandy. The market closure meant that there was no trading on the secondary mortgage market, but most lenders remained open, and released rate sheets accordingly. Without indications from MBS (the Mortgage-Backed-Securities that most directly influence rates), there was no unified theme among lenders, though perhaps a bit of " uncertainty premium ." Some rate sheets were unchanged from Friday's while others barely budged from yesterday's much-improved levels, though some lenders were markedly weaker. On average, the change over yesterday's offerings is merely an adjustment to cost/rebate for the same note rates. That means that the Conventional 30yr Fixed Best-Execution rate remains intact...(read more)

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