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Mortgage Rates Bounce Back

Mortgage rates had a fairly decent day yesterday as far as most lenders are concerned.  A few lenders saw fit to bump rates up in the afternoon following a day of weakness in the bond market (which directly affects the rates lenders can offer).  Because a majority of lenders did NOT make that mid-day adjustment, they were always likely to do so with today’s first rate sheets–especially if bonds didn’t improve overnight.
Not only did bonds not improve today, but they weakened a bit more.  This made lenders’ decisions easy.  With that, the average conventional 30yr fixed quote moved back up to levels last seen on May 9th and 10th.  In outright terms, some loan scenarios will be an eighth of a percentage point higher in rate while others will merely be looking at a reasonably big bump in closing costs (certain upfront costs can be increased in lieu of higher interest rates, depending on the lender)….(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

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