Winning Streak Ends For Rates: Spring House-Hunting Warning; More Price Peaks
Mortgage rates finally moved higher after three straight days of solid improvement. If it's any consolation, today's rise wasn't on par with even one of the past 3 days of gains, although that could change by tomorrow morning. Weakness in the bond market primarily affected US Treasuries today, as opposed to the mortgage-backed-securities that dictate mortgage rates. That allowed many lenders to make it through the day without recalling rate sheets and "repricing" for the worse. If trading levels in bond markets don't change between now and tomorrow, it's likely that several lenders will be offering slightly higher rates in the morning. 4.125% remains the most common conventional 30yr fixed quote for top tier scenarios. It would take a more substantial market movement to get the average lender
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