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Rates Continue Sideways for 3rd Straight Day; Ironic Foreclosure Milestone; HR 2121 Vote

Rates Continue Sideways for 3rd Straight Day; Ironic Foreclosure Milestone; HR 2121 Vote

Mortgage rates were relatively steady again , marking the third straight business day with almost no rate movement following last week's quick spike higher. That spike was all about financial markets quickly coming to terms with a higher probability of a Fed rate hike. Given that there hasn't been any movement since then, we can increasingly assume that markets took care of this business by Wednesday afternoon. While it's reassuring that we haven't seen any additional move higher in rates, neither have we seen any meaningful move lower. That leaves the average conventional 30yr fixed rate quote at 3.75%, but there are still quite a few lenders quoting 3.625%. Loan Originator Perspective "Since rate sheets took a beating following the FOMC minutes on Wednesday, bonds have managed to continue
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