Posted To: Mortgage Rate Watch

Mortgage rates finally caught a break after spending the past six business days moving higher at a faster-than-normal pace. During that time, the average lender’s conventional 30yr fixed rates increased by 0.125-0.25%, depending on the loan scenario. That’s a big move for just over a week, even though it leaves the going rate in the low 3% range. Today’s improvement came courtesy of behind-the-scenes developments in the bond market. In a way, mortgage rates had been caught in the crossfire this week as many companies issued new corporate debt. That issuance process creates volatility for the bond market, and thus, mortgage rates. The saving grace is that some of the upward pressure on rates that can occur early in the issuance process is often reversed when the corporate bonds are ultimately…(read more)

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Source: Mortgage News Daily