Mortgage Rates Erase More of Last Week's Spike

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Posted To: Mortgage Rate Watch

Mortgage rates continued lower at a decent pace today, further eroding the big move higher seen last Thursday. While the average lender isn't quite back to where they were before the spike, they're well over halfway. The most prevalently-quoted conventional 30yr fixed rate was getting close to 4.125% as of Thursday afternoon. It fell back to 4.0% on Friday. While you're still most likely to see 4% today, some of the more aggressively-priced lenders are back down to 3.875% on top tier scenarios. It's a much riskier proposition to buy into a bounce back on the first day. Now with today's additional day of strength, last Thursday's spike increasingly looks like an isolated incident , driven by the European Central Bank's policy announcement (which fell far short of market expectations, driving...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/540070.aspx

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