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Mortgage Rates Slightly Higher; Existing Home Sales Slump 3.4 Percent; Credit Scoring Trends

Mortgage Rates Slightly Higher; Existing Home Sales Slump 3.4 Percent; Credit Scoring Trends

Mortgage rates rose today for most lenders, albeit modestly. In fact, several lenders were unchanged from Friday's latest levels with the rest seeing varying degrees of weakness. In almost all cases, the weakness would be seen in the form of higher closing costs or lower lender credit (as opposed to the actual contract rate being higher). The most prevalently-quoted conventional 30yr fixed note rate continues to be 4.0% on top tier scenarios, though there are more than a few lenders at 4.125%. The week of Thanksgiving is often marked by serendipitous volatility for the bond markets that underlie mortgage rate movement. Wednesday tends to be the most abrupt day, but Tuesday is frequently involved as well. Through the years, Thanksgiving volatility has been both a blessing and a curse for mortgage
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