Mortgage Rates Hold Steady, Ending Four Day Losing Streak

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Posted To: Mortgage Rate Watch

Mortgage rates were almost perfectly flat today, ending a 4 day trend higher, for now. That trend began on Thursday and of course saw it's biggest surge after Friday's Job's report. Rates continued drifting higher to start the current week, but at a lessened pace. The drift leveled off today after bond markets hit their weakest levels earlier this morning. Naturally, Conventional 30yr Fixed ' best-execution ' remains at 3.5%, and with no change to average borrowing costs. If there's an ideal time of day for bond markets to experience weakness, it's the early morning--at least as far as mortgage rates are concerned. The mortgage-backed-securities that most directly affect rates (MBS), start trading in the 7am hour and more actively by 8am. It's not until 9:30am that the earlier rate sheets of...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/307789.aspx

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