Mortgage Rates Back Into High 3's

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Posted To: Mortgage Rate Watch

Mortgage rates got back on track today after giving up a fair amount of last week's gains yesterday. Most lenders are very close to Friday afternoon's levels, which were among the best in over 4 months. Support came from a flight to safety in global financial markets. This generally entails stock market weakness and bond market strength. Bond markets include the mortgage-backed-securities (MBS) that dictate mortgage rates. When MBS are stronger, rates move lower. Most lenders continue to operate in a range of 3.875%-4.0% for conventional 30yr fixed rate quotes, though some of the more aggressive lenders are moving down to 3.75%. Today's improvements rekindle some hope that rates will begin to trend lower after remaining largely sideways in the several weeks leading up to the Fed Announcement...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/513918.aspx

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