Mortgage Rates Recover Modestly After Treasury Auction

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Posted To: Mortgage Rate Watch

Mortgage rates moved slightly lower this afternoon after beginning the day in line with yesterday's worst levels of the year. Things looked relatively bleak as domestic market participants were greeted with flat trading levels vs Wednesday's late day weakness and stronger economic data in the morning that, at first, threatened to take rates even higher. But bond markets, including MBS (the mortgage-backed-securities that most directly affect mortgage rates) were able to hold their ground long enough to make it to the 1pm 30yr Treasury Auction, which helped rates move lower into the afternoon. Best-Execution for 30yr Fixed, Conventional loans remains at 3.625%, with ongoing stratification between lenders due to recent volatility. ( What is A Best-Execution Mortgage Rate? ) What does " ongoing...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/296103.aspx

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