Posted To: Mortgage Rate Watch
Mortgage rates moved modestly lower today. Given that rates had spiked last Wednesday and haven’t moved too much since then, today’s improvement was enough to get rates to the best levels seen since last Tuesday. That might sound odd or ironic in light of today’s widely-circulated mortgage rate data from Freddie Mac. Freddie says that rates rose rather sharply, but that’s to-be-expected given the report’s methodology (which essentially provides a snapshot of Monday and Tuesday’s rates). In other words, the rates seen at the beginning of this week were definitely higher than those seen at the beginning of last week. But last week’s damage was already done by Wednesday afternoon. Since then, we’ve been sideways to slightly lower. Loan Originator Perspective ” We seem to be stuck in a 1.8 range…(read more )