Posted To: Mortgage Rate Watch

Mortgage rates moved higher for the 3rd straight business day. That said, last Friday is better described as being a “2nd consecutive day of all-time lows.” Even yesterday, the average lender was able to quote rates under 3% for top tier conventional 30yr fixed scenarios. Today’s upward pressure was a bit more noticeable as markets cheered a Retail Sales report that was much stronger than expected. In general, stronger data is good for stocks and bad for bonds (and when bonds are weaker, rates move higher). There’s a particular concern to be aware of in the world of mortgage rates–especially for those who are counting on additional improvements. Simply put, the underlying bond market hasn’t really been making a case for additional improvement. If anything, the case is for gradually higher…(read more)

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Source: Mortgage News Daily