Mortgage Rates Fall Back To Unchanged After Morning Weakness

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Posted To: Mortgage Rate Watch

Mortgage rates were flat for the third day in a row , despite strong economic data and a weak 30yr Treasury Auction (two things that normally connote higher rates. Bond markets had already weakened appreciably overnight, however, and were thus in a better position to digest the data. MBS (the mortgage-backed-securities that most directly influence rates) clawed their way back to unchanged levels by 2pm Eastern time, and mortgage rates followed suit with many lenders "repricing" from higher rates this morning to something more in line with yesterday's rate this afternoon. As such, Best-Execution remains at 3.75 with 3.625% close by. ( What is A Best-Execution Mortgage Rate? ) Although tomorrow brings a decent batch of economic reports, fully capable of impacting mortgage rates, bond markets...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/300139.aspx

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