Rates Steady Despite Market Weakness; Fannie Sees Faster Hikes; Refi Apps Improve
Mortgage rates were steady to slightly higher today, depending on the lender, despite bond market weakness. Typically, bond market weakness results in rates moving higher, but the timing of market movements can be important. Specifically, yesterday saw bond markets move to their best levels of the day in the afternoon--too late in the day for many lenders to react with lower rate offerings. Today's bond market weakness was intact right from the start of the trading session. As such, lenders simply kept rates close to unchanged as opposed to offering moderate improvements (something they likely would have done if bond markets held steady). Most lenders continue to quote conventional 30yr fixed rates of 4.0% on top tier scenarios. The more aggressive lenders are now back into the high 3% territory
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