Mortgage Rates Hold Ground as Oil Prices Slide

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Posted To: Mortgage Rate Watch

Mortgage rates held their ground fairly well today, despite moderate weakness in underlying bond markets (which normally translates to higher rates). Many lenders were right in line with yesterday's latest offerings while some were just slightly higher. That said, any day-over-day change in rates would be seen in the form of closing costs as opposed to the contract rate itself. There was no significant theme in markets today as there were no significant economic releases. The most notable motivation was the sharp drop in oil prices after an inventory report this morning. This was very likely the deciding factor in bond markets being able to hold their ground. In other words, lenders may have raised rates in the middle of the day had it not been for the slide in oil prices. This isn't to suggest...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/514219.aspx

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