Mortgage Rates Remain Near 2015 Highs as Fed Approaches; Negative Equity Worst at Low End, Holding Housing Back; Vendor Management
Mortgage rates looked like they might come down a bit today. The morning hours were generally positive for bond markets, including mortgage-backed-securities (MBS) which lenders use to set rate sheet levels. Indeed most rate sheets were slightly better than yesterday's and several lenders lowered rates mid-morning. But when European markets closed, US market momentum shifted and the gains evaporated . Lenders sent out mid-day revisions, raising rates back in line with yesterday's levels. The average conventional 30yr fixed rate quote remains in a range between 4.125% and 4.25% , depending on the scenario. More aggressive lenders are quoting lower rates, but those are the exception at the moment. In the context of 2015's market movement, it's no surprise to see Europe having a big effect on
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