Mortgage Rates Higher In a More Orderly Fashion to Begin The Week

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Posted To: Mortgage Rate Watch

Mortgage rates moved gently higher today compared to Friday's calamitous surge higher, which was among the 5 worst days for rates of the past two years. Though the movement was extreme, it followed nearly 8 weeks of improvement that had taken rates to their 2013 lows last Wednesday. And while that's no major consolation to those hoping for lower rates, Conventional 30yr Fixed ' best-execution ' only moved up from 3.375% to 3.5% . Earlier in 2013 it briefly went as high as 3.75%, but had been most frequently at 3.625%. Bond markets including MBS (the 'mortgage-backed securities' that most directly influence mortgage rates) had little to go on today by way of motivation and guidance. The higher rates resulted from an aimless drift that turned slightly negative after stock markets began advancing...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/307436.aspx

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