Mortgage Rates Modestly Improve on 2013 Lows

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Posted To: Mortgage Rate Watch

Mortgage rates continued lower today, after officially hitting the lowest levels of the year on Friday. Bond markets including MBS (the "mortgage-backed-securities" that most directly affect mortgage rates) generally held steady despite advancing stock prices. More specifically, MBS actually did a better job holding their ground than 10yr US Treasuries, which tend to move in the same direction. Whereas Treasuries are just slightly weaker than Friday's latest levels, MBS are slightly stronger. This allowed lenders to adjust rate sheets further into the year's best territory with 3.375% now becoming a contender for the Conventional, 30yr Fixed best execution rate, which has been at 3.5% after topping out at 3.625% - 3.75% earlier this year. As we noted last week, the last few days of any given...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/306412.aspx

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