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Builder Confidence Matches Post-Crisis High; Rates Getting Nervous Ahead of Fed; Fannie/Freddie Changes

Builder Confidence Matches Post-Crisis High; Rates Getting Nervous Ahead of Fed; Fannie/Freddie Changes

Mortgage Rates were unchanged for a third straight day, although several lenders did raise rates at the end of the day. That can happen when underlying bond markets (which dictate mortgage rates) move by a certain amount. There's no set formula for the amount of movement that will result in any given lender changing rates in the middle of the day, but it's not uncommon to see the less aggressive lenders simply wait for tomorrow before adjusting rates to match market conditions. All of the above is a fancy way of saying that rates would be slightly higher tomorrow if bond markets don't change between now and then. Lenders continue quoting conventional 30yr fixed rates of 3.5% on top tier scenarios, with the runners-up being 3.625% and 3.375% in that order. Keep in mind that Wednesday afternoon
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