Mortgage rates moved a bit lower yesterday after hitting the highest levels in more than a month the day before. They kept the positive trend going today with another modest improvement. While this isn’t enough to have a major impact on the cost of financing, the average prospective mortgage borrower would be seeing a small drop in upfront closing costs. In other words, the changes aren’t big enough to affect the interest rate itself and it’s those upfront costs that allow for the fine-tuning adjustments that are more commonly seen from day-to-day.
Today also happened to be relatively quiet when it comes to the data and events that have been driving interest rate volatility. It’s not that the bond market has lost interest in those factors–simply that there were in short supply or otherwise anticlimactic. That could change tomorrow as we get the week’s only serious day of domestic economic data. Interest rates typically move higher in reaction to stronger-than-expected data and vice versa.
…(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