Mortgage Rates Drift Calmly Down to 3-Week Lows

Posted To: Mortgage Rate Watch

Mortgage rates continued lower today, despite a blatant lack of underlying motivation in financial markets. By that, I mean that we haven’t seen any obvious cause and effect relationships between news, economic data, and bond market movements (which, in turn, drive interest rate movements). Instead, bonds moved of their own volition. While the move was modest, it was the 6th improvement in the past 7 business days. The net effect is the best mortgage rate offerings in 3 weeks. Several of the more aggressive lenders are again quoting top tier 30yr fixed rates of 3.875% while many remain at 4.0%. In cases where today’s quoted interest rate is the same as Friday’s, borrowers will generally be seeing lower upfront costs (or higher upfront lender credits, depending on the scenario). The rest of…(read more)

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