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Rates Mostly Hold Last Week’s Gains; Prices Up in Most Metros; New Home Purchases Ebb; Builder Confidence Up

Rates Mostly Hold Last Week’s Gains; Prices Up in Most Metros; New Home Purchases Ebb; Builder Confidence Up

Mortgage rates were s teady to slightly higher today, largely maintaining the improvements seen last week. Underlying financial markets were calm and very few lenders adjusted rate sheets during the day. Last week's gains happened all at once on Friday. They fully erased an entire week's worth of rising rates. That said, most of the movement in recent weeks has occurred in a very narrow range overall. The average borrower will have seen a quarter of a percentage point of movement at the most. When rates fell last Friday, we were looking to the current week in order to confirm the potential shift in momentum. Today's minimal weakness, at the very least, suggests the previous trend toward higher rates from mid-April has shifted into a more sideways pattern. It's still too soon to conclude that
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