Mortgage rates were somewhat higher again today–the 4th day in a row that we’ve been forced to observe such mildly unpleasant things. Technically, this brings the average lender to the highest rates in more than a month, but it’s important to note how narrow the range has been and how mild the movement has been on most days. Even if we add up all of the weakness after rates hit their best recent levels at the beginning of the month, the average lender is only 0.125% away from those lows.
Reassuring caveats aside, it’s still important to keep in mind that rates are still best described as being in a mild uptrend over the past few weeks and in a more volatile uptrend since September. When it comes to planning on locking/floating rates, it makes more sense to be defensive (i.e. don’t assume rates will come back down until and unless they give us a clear indication that is what they’re doing).
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Source: mortgagenewsdaily.comNew feed