Mortgage Rates Erase One Day of Losses. More Volatility Ahead; Pending Home Sales hit 9-Year Highs

Mortgage Rates Erase One Day of Losses. More Volatility Ahead; Pending Home Sales hit 9-Year Highs

Mortgage rates spiked to the highest levels of the year on Friday after hovering close to them for several days. But news out of Europe over the weekend caused major movement in financial markets at the start of the day. One of the biggest beneficiaries was the US bond market where Treasuries yields and mortgage rates fell appreciably. Interestingly enough, today's appreciable improvement perfectly counteracted Friday's appreciable weakness, leaving the average lender right in line with Thursday's latest rate sheet offerings. This brings the most prevalently-quoted conventional 30yr fixed rate back to 4.125% for top tier scenarios, though a few lenders are .125% higher or lower. Coming into this week, we knew it would be volatile, and the volatility likely isn't over . Any time there is a such