Mortgage Rates Improve After Weak Manufacturing Data

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Posted To: Mortgage Rate Watch

Mortgage rates improved slightly today, helped along by a weak manufacturing data on an otherwise quiet day. Had it not been for that report at 10am, bond markets including MBS ('mortgage-backed-securities' that most directly influence mortgage rates) might have remained in the weaker territory that characterized the morning hours. Several lenders released positively revised rate sheets in the afternoon, bringing the average back down to something just slightly better than "unchanged" vs Thursday. Even then, a few lenders are still worse off than last week while others moderately lower in cost. Best execution ( what is this? ) for 30yr Fixed loans remained at 3.625%. It might not be possible to convey the actual extent to which markets were quiet today. The whole of Europe and some of Asia...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/302293.aspx

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