Mortgage Rates Keeping Hope Alive

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Posted To: Mortgage Rate Watch

For the third straight day, mortgage rates have avoided moving any higher . Each of the past two days have seen only modest improvements. That leaves us still very close to the 4-month highs seen in the first of of the week. The most prevalent conventional 30yr fixed rate quotes continue in a range of 4.0 to 4.125% for top tier scenarios. There hasn't been any change in contract or "note" rates since hitting the highs. Instead, the improvement has come in the form of slightly lower upfront costs, or higher lender credit depending on the structure of the quote. Mortgage rates are primarily driven by trading prices of mortgage-backed-securities (MBS), which are part of the broader bond market. Today, bonds reacted to weak economic data as well as falling prices in stocks and commodities. While...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/531395.aspx

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