Mortgage Rates Higher After Fed Comments

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Posted To: Mortgage Rate Watch

After hitting the best levels in just over 2 months yesterday, mortgage rates bounced moderately higher today. The move brings them back above Friday's levels, but not quite as high as Thursday's. Most lenders are still quoting conventional 30yr fixed rates of 4.0% on top tier scenarios. The smattering of lenders that had moved down to 3.875% is somewhat smaller today, but not extinct. The day actually began well enough, with rates roughly in line with yesterday's. It wasn't until Atlanta Fed President Dennis Lockhart commented on the likelihood of a September rate hike that trading levels shifted, forcing lenders to adjust rate sheets in the afternoon. What does this mean? Lockhart isn't saying the Fed will necessarily hike in September, but by holding it out as one viable option, he's pushing...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/496060.aspx

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