Abrupt Reversal For Markets Leaves Rates At Recent Highs

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Posted To: Mortgage Rate Watch

Mortgage rates did a complete 180, reversing yesterday's improvement , and taking rates back in line with recent highs. That sounds fairly ominous, and in the sense that further weakness would mean new multi-month highs, it is. But less ominous is the fact that rates continue to operate in a narrow range where the only major day to day changes have been seen on the COST side of the equation. There's further explanation in our daily link to "best-execution" rates, but the other side of the equation is the RATE itself. Those have been steady over the past two weeks with 30yr Fixed, Conventional Loans at 3.625%. ( What is A Best-Execution Mortgage Rate? ) Markets are getting back in the habit of drawing a majority of their conclusions about trading levels from the overnight and early morning activity...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/294515.aspx

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