Mortgage Rates Unchanged Despite Market Weakness

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Posted To: Mortgage Rate Watch

Mortgage rates were unchanged on average today, though some lenders were slightly higher or lower than yesterday's latest rate sheets. This is a small victory considering that underlying markets suggested rates should move slightly higher. Mortgage rates are most directly affected by mortgage-backed-securities (MBS) which tend to trade in line with US Treasuries. After this morning's slightly stronger inflation data, bond markets moved lower in price and higher in yield--a classic reaction to that type of data. The most frequently-quoted conventional 30yr fixed rate remains 4.0% for top tier scenarios, though several lenders are an eighth of a point higher or lower. In a broader sense, today brings another repetition of the recent cycle to a close. That cycle began in early May when rates finally...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/473857.aspx

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