Mortgage Rates Pop Up to This Week's Highs

Mortgage rates hadn’t moved much since last Friday–a good thing considering those levels were in line with the lowest levels in a long time.  The ground-holding gave way today, however, as the underlying bond market weakened for the first time this week.  In turn, mortgage rates quickly find themselves at this week’s highs.  But whether or not that means anything too troubling will depend on the lender in question.  Most are still able to quote the same interest rate quoted yesterday with only minor differences in upfront costs.
Both stocks and bonds (which dictate rates) lost ground today.  Considering they’ve both been gaining ground recently (not surprising due to the expectations for friendlier Fed policy–a rising tide that helps stocks move higher and rates move lower), this could be taken to mean that investors are taking some chips off the table ahead of the month-end bookkeeping deadline. …(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