Mortgage Rates Caught in 'Elevator Up, Stairs Down' Cycle

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Posted To: Mortgage Rate Watch

Mortgage rates , true to recent form, can't catch a break . Just when we think we might be seeing a glimmer of hope, we're treated to several days of painfully higher rates. Of course, all of this is playing out over a fairly narrow range. Indeed, today's movement is better measured in closing costs as opposed to actual contract rates. Lenders continue quoting conventional 30yr fixed rates of 4.125% for top tier scenarios, but today's closing costs would be higher than yesterday's. Some lenders moved back up to 4.25% today. Despite the narrow range and the fact that "low 4's" are historically low rates, consumers seeking mortgages are not amused . Even when the only day-over-day change is in closing costs, a move like today's can mean that a borrower seeking a $300k loan is now looking at another...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/481750.aspx

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