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Western States Lead New Home Sales; Rates Recover; Applications Decline; PHH Rumors Dispelled

Western States Lead New Home Sales; Rates Recover; Applications Decline; PHH Rumors Dispelled

Mortgage rates moved slightly lower today, recovering some of their losses from the first two days of the week. The average lender continues to quote conventional 30yr rates in a range of 3.75% to 3.875%, but today's gains bring a few of the more aggressive lenders back to 3.625% on top tier scenarios. Day over day changes are hit and miss though. Some lenders barely budged from yesterday's rates despite the gains in underlying markets. Today's improvements were symbolically important for those who follow the broader trends in rates. This has to do with the financial concept of inflection points, which are certain levels in rates (or any other financial instrument) where rates tend to bounce rather than continue in the same direction. For instance, 3.875% is an approximate inflection point
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