Mortgage Rates Sideways Despite Market Improvements

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Posted To: Mortgage Rate Watch

Mortgage rates barely budged in most cases today. Some lenders were just slightly better. Others were worse. The average rate quote is unchanged vs yesterday with most lenders still offering conventional 30yr fixed rates of 4.125% on top tier scenarios. The lack of movement on rate sheets belies the fact that underlying market conditions improved . Specifically, MBS Prices (the mortgage-backed-securities that most directly affect the rates lenders can offer) were higher. This typically corresponds to lenders offering lower rates. In fairness, several lenders did adjust rates lower in the middle of the day as markets improved, but that merely brought the average lender back to unchanged levels. This is part of the phenomenon discussed in yesterday's headline where mortgage rates have taken the...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/482165.aspx

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