Posted To: Mortgage Rate Watch
Mortgages Rates are higher for the 2nd day in a row. Unlike the movement we normally see, which limits itself to affecting closing costs as opposed to the quoted rates themselves, today’s deterioration leaves 4.0% looking like the better deal for enough lenders that we’d make a note of it’s increasing prevalence, although the average across all lenders in our survey is still closer to 3.875%. Additional reading: A previous post with more detailed discussion about Best-Execution calculations. Weakness aside, today was fairly quiet for the MBS market (MBS = mortgage-backed securities, which most directly influence the rates offered by mortgage lenders) as well as Treasuries. Most of the activity was seen in the early morning after the European Central Bank said that it might allow the central…(read more)
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