Mortgage Rates Highest in More Than a Week

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Posted To: Mortgage Rate Watch

Mortgage rates moved modestly higher today , depending on the lender. Once again, pricing strategies remained widely variable due to market volatility. When the trading prices of mortgage-backed-securities (MBS) changes enough during the day, lenders may reprice (i.e. change their currently-published rate sheets). Depending on the amount of movement in underlying markets, some lenders will reprice while others won't. Today was a good example. Trading levels began in decent enough ground, but bond markets (which include MBS) quickly deteriorate in the afternoon as stock markets broke higher. A majority of lenders adjusted rate sheets higher, but many did not. On average, the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios is now moving up to 3.875% , though a few...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/517947.aspx

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