Another Decent Day For Mortgage Rates

Mortgage rates have been trying to find a ceiling in the past 3 weeks after rising at the quickest pace in years.  That search seemed to be going well until late last week when rates failed to break below the floor that’s blocked other recent attempts at progress.  The situation deteriorated at the start of the current week with the average lender back in line with long-term highs on Tuesday.  We caught a break after that with the average lender showing modest improvements both yesterday and today.
How much improvement?  
Prepare to be underwhelmed.  It’s far easier to count victories as an “absence of additional defeat” these days and today is no exception.  The average lender is still quoting the same rates seen 2 days ago, in fact.  So why am I telling you rates are a bit better?  The answer has to do with the two types of rates in the mortgage market.  More often than not, when people talk or think about their mortgage rate, it’s in reference to the NOTE rate (the actual interest rate that’s applied to the principal balance of their loan). …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed