Mortgage Rates Slightly Higher Despite Market Stability

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Posted To: Mortgage Rate Watch

Mortgage rates moved gently higher today in what was more of an extension of yesterday afternoon's mortgage market weakness than anything to do with today's trading levels. In fact, bond markets were slightly stronger today as economic data was largely overlooked in favor of reacting to Cyprus-related headlines. That said, MBS (the mortgage backed securities that most directly influence mortgage rates) struggled compared to Treasuries. In general, MBS underperform Treasuries in volatile, headline-driven environments. The day-over-day change in rates was minimal, and there were even a few lenders whose rates were the same or better. This leaves 30yr Fixed, Best-Execution in the same shape as the past few days between 3.625% and 3.75%. ( What is A Best-Execution Mortgage Rate? ) If mortgage markets...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/301091.aspx

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