Mortgage Rates Modestly Lower After Fed-Induced Volatility

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Posted To: Mortgage Rate Watch

Mortgage rates had a wild ride today. Underlying bond markets were significantly weaker leading up to the afternoon's Fed events. During this time, many lenders sent out reprices with higher rates compared to yesterday's latest. After the Fed Announcement was released (along with the updated forecasts from Fed members on where they saw rates over time), bond markets bounced back in a big way. At that point, lenders began repricing in the other direction, ultimately bringing average rates below yesterday's latest levels. By the end of the day, several lenders were quoting 4.0% on top tier conventional 30yr fixed scenarios for the first time since June 4th. That said, the average lender remains at 4.125%, but with lower closing costs than yesterday. The big question is whether this afternoon...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/480563.aspx

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