Rising Rates Provide Opportunity; Big June Home Sales Bring CA Closer to Normalcy
Mortgage rates moved slightly higher today, erasing the modest improvements seen on Friday. There wasn't much movement in the secondary mortgage market (which drives rate sheet changes) during the day, though a few lenders raised rates slightly in the early afternoon. Most continue to quote conventional 30yr fixed rates of 4.0% for top tier scenarios. There are still plenty of lenders at 3.875% and far fewer at 4.125%. As we discussed last week, rates had improved for 3 straight weeks as of Friday, and that chances of a bounce back increase exponentially after that. In other words, it's not common to see 4 weeks in a row of lower rates. Even if the longer term trend were to remain pointed lower, there would still be periodic corrections. On the chance that this proves to be one of those weeks
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