Mortgage Rates Modestly Lower as Risks Increase; Home Prices Higher -Case-Shiller
Mortgage rates had their 2nd straight day of improvements today--something that's been uncommon since the beginning of May. Additionally, the slight drop in rates was belied by the market movement. The bond markets that inform lenders rate sheets actually pointed to higher rates by the end of the day. That means the improvements were more to do with the overhang from yesterday's strength. In other words, yesterday's underlying market conditions where so strong, and so abrupt, that lenders couldn't fully price them into rate sheets. That left some additional room to lower rates today despite the counter-arguments being made in bond markets. The most prevalently-quoted conventional 30yr fixed rate for top tier scenarios remains at 4.125%. A few lenders are on either side of that by an eighth
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