Mortgage Rates Hang On To Recent Lows

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Posted To: Mortgage Rate Watch

Mortgage rates managed to hold their ground for the most part today. This is good to see, considering that the broader bond market had a tougher time. (Mortgage rates are most directly affected by the trading prices of mortgage-backed-securities (MBS), which tend to move in the same direction as US Treasuries.) Specifically, 10yr Treasury yields rose by more than 0.04% today, but the average mortgage rate was only 0.01% higher. Because rates are generally offered in .125% increments, this means today's quoted rate at any given lender should be the same as yesterday's, but with minimal adjustments to the upfront costs or credits. Conventional 30yr fixed rates for top tier scenarios are currently in a range from 3.75% to 3.875%. Rates were resilient in more than one way today. Not only did they...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/519681.aspx

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