Mortgage Rates Continue Steady Drift Higher

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Posted To: Mortgage Rate Watch

Mortgage rates rose again today, continuing the steady move higher seen yesterday. In the bigger picture, Friday's jobs report did the most severe damage, taking rates much higher on that single day than yesterday and today combined. Without any meaningful data to motivate movement, bond markets (which include the mortgage-backed-securities or MBS that directly influence rates) have been adrift so far this week--continuing to trade defensively--still rattled by Friday's move. Conventional 30yr Fixed ' best-execution ' remains at 3.5% today, which is an eighth higher than the 3.375% achieved last week. That means that the actual interest rate quote you'd receive (or have received) isn't likely to have changed today, but the costs involved with obtaining that rate moved higher for most lenders...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/307626.aspx

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