Mortgage Rates Bounce Higher as Global Panic Pauses

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Posted To: Mortgage Rate Watch

Mortgage rates moved higher today as global markets managed to avoid the same sort of panicked volatility seen yesterday. The month-long trend toward lower rates was already looking tired as of late last week, and it took the extreme movements in other markets to drag rates only modestly lower yesterday. Nevertheless, those were the lowest offerings in more than 3 months. They brought the average conventional, 30yr fixed rate for top tier scenarios well into the 3's. 3.875% was widespread and some lenders were offering 3.75%. Today's bounce puts us back at 3.875% more squarely, with a few of the less aggressive lenders at 4.0%. With respect to the markets that underlie mortgage rate movement, today was more about consolidation and correction. That's market-speak for "taking a break and catching...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/504844.aspx

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