Mortgage Rates Back Near Recent Lows as Stocks Slide

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Posted To: Mortgage Rate Watch

Mortgage rates moved noticeably lower today, getting the average lender back in line with some of last week's best levels. For most, that means conventional 30yr fixed rates of 3.875% when it comes to top tier scenarios, but some lenders remain at 4.0%. Many borrowers will still be seeing the same rates compared to Friday, with the gains being seen in the form of lower closing costs or higher lender credit. There have only been a handful of better days for rates since early May 2015. Today's strength came courtesy of broader economic weakness--or fear of weakness . Mortgage rates are highly correlated with bond yields such as longer term US Treasuries (like the 10yr note) because the mortgage-backed-securities (MBS) that dictate rates tend to offer investors many of the same benefits/features...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/515082.aspx

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