Mortgage Rates Fall Nicely, But The Going Gets Tougher From Here

Mortgage rates improved nicely overnight.  The average lender’s morning rates were very close to the lowest levels ever.  This was a distinct possibility based on yesterday afternoon’s bond market movement.  
Mortgage rates are most directly influenced by mortgage-backed bonds which trade thousands of times a day.  It’s not feasible for mortgage lenders to change rate quotes that frequently.  Instead, they wait for the market to move by a certain amount before making any changes.  By yesterday afternoon, we’d clearly seen enough movement as several lenders had already updated rates for the better. …(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