Posted To: Mortgage Rate Watch

Mortgage rates haven’t been in the habit of making epic swings recently. That’s not a bad thing considering they continue to operate in very low territory in historical terms. For the average lender, today brought one of the bigger recent examples of improvement. In the best cases, borrowers may be seeing a rate quote that is an eighth of a percent lower versus the highs from the end of last week (Thursday afternoon or Friday morning, depending on the lender), but most would simply realize the improvement in the form of lower upfront costs or a higher lender credit. Purchase loans continue carrying the best rates. Expect to see rates move up at least an eighth of a point for a refinances , and more still for cash-out refinances. That all assumes an owner-occupied primary residence. Due to recent…(read more)

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Source: Mortgage News Daily