Mortgage Rates Recover From Morning Weakness

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Posted To: Mortgage Rate Watch

Mortgage rates had an interesting day today, with most lenders beginning at slightly higher levels, but improving by the end of the day. The average lender is quoting the exact same rates seen yesterday afternoon. As always this will vary by lender, but even the underlying bond market abruptly returned to yesterday's closing levels after heading toward higher rates this morning. The reasons are complex and boring . If you're into that sort of thing, feel free to continue. Bonds are financial instruments where a buyer pays money today in exchange for the right to be paid back over time with interest. There are all kinds of bonds. Even the mortgage-backed-securities that dictate rates are kinds of bonds. There are other financial instruments too, but bonds are their own sort of thing. Think of...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/533020.aspx

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