Bond/Stock Correction Continues; Mortgage Rates Slightly Higher; Housing Metrics’ Token Improvements
Mortgage rates continued slightly higher today , though they appeared to have second thoughts about that at first. In fact, several lenders made mid-day improvements to rate sheets as bond markets (which drive rates for mortgages, among other things) looked to be holding their ground. Bonds began to slide in the afternoon, following a weak 5yr Treasury Auction. As a result of that weakness, several lenders raised rates in the afternoon while others simply abstained from offering a mid-day improvement. The net effect is a conventional 30yr fixed rate range of 3.875%-4.0% for top tier scenarios. In most cases, borrowers would be seeing the same rate compared to yesterday, but with slightly higher closing costs. Treasury auctions are th one of the many inputs at can affect mortgage rates indirectly
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