Posted To: Mortgage Rate Watch
This week’s mortgage rates are hard to compare to last week’s. There are two simple reasons for this. The first is the recent removal of the adverse market fee that artificially increased rates for refinance transactions starting late last summer. The second is the general strength in the bond market compared to last week. Mortgage rates are, after all, based on trading levels in the bond market with higher prices (or lower yields) coinciding with lower rates. Bonds aren’t doing quite as well as they were doing on Monday, but because lenders didn’t rush to drop rates as much as the bond market allowed earlier in the week, they haven’t had to dial things back as much as bonds would suggest over the past 2 days. Now today, bonds are improving once again, albeit only slightly . Still, the fact…(read more)
Source: Mortgage News Daily
