Mortgage Rates Ease Off The Throttle Ahead of Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates broke a 4 day winning streak today, moving moderately higher after hitting 2013 lows yesterday. For many, the difference will be immaterial as today's average rate is the second lowest of 2013. In fact, any of the days in this week have been at least slightly better than any other day in 2013. Conventional 30yr Fixed rates are moving between 3.5% and 3.375% with the latter gaining a significant amount of traction in the past two days. Lower rates are available, and the costs associated with buying down to those rates have been decreasing. Today's mild dose of weakness came after a stronger-than-expected report on Initial Jobless Claims combined with a modest amount of overnight weakness in bond markets. When bond markets are weaker, the price of MBS (mortgage-backed-securities...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/307034.aspx

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