Mortgage Rates Signifcantly Lower As Markets Close Early

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Posted To: Mortgage Rate Watch

Mortgage rates continued falling this morning despite stronger-than-expected economic data. The trading session was punctuated by an early closure for bond markets owing to Hurricane Sandy and will be completely closed tomorrow. The secondary mortgage market began the day in stronger territory after European and Asian hours combined to gradually bring yields lower overnight. Things didn't move much during the shortened domestic hours and the mortgage-backed-securities (MBS) that most directly influence mortgage rates ended the day in line with their opening levels. When combined with Friday afternoon gains, the market-based improvements were enough for lenders to offer s ignificantly improved rate sheets today w ith Conventional 30yr Fixed Best-Execution for most lenders back down to 3.375...(read more)

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