Mortgage Rates Fall After Weak Economic Data

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Posted To: Mortgage Rate Watch

Mortgage rates improved just slightly today, but for most lenders, it was enough to erase the weakness seen last Friday. Behind the move was much weaker-than-expected manufacturing data out of New York. Weak economic data tends to encourage investors to buy bonds. Among those bonds are the mortgage-backed-securities that dictate mortgage rates. As more are bought, prices rise and rates fall. All that having been said, the move was small, with most lenders continuing to quote conventional 30yr fixed rates of 4.0% for top tier scenarios. Today's improvement (like most) would be seen in the form of slightly lower closing costs for the same old rates. There are still a few lenders on either side of that by an eighth (3.875% or 4.125%). Loan Originator Perspective "It seems we are in the midst of...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/501100.aspx

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