Posted To: Mortgage Rate Watch
Mortgage rates moved higher again today, after hitting the lowest levels in roughly 2 weeks last Friday. Like yesterday, today’s increase was fairly minimal in the big picture, but successive days of weakness can add up. Unlike yesterday, most borrowers would now be seeing slightly higher costs on today’s rate quotes compared to Friday’s. Here’s the good news though: apart from the past 2 days, today’s rates are the lowest in more than 2 weeks . After rising to a range of 3.5-3.625% last week, conventional 30yr fixed rates are now more likely to be quoted in a 3.375-3.5% range on top tier scenarios. Low rates aside, today’s market movements are suggesting a more defensive strategy (less interested in floating). Although mortgage rates are not directly linked to 10yr Treasury yields, the latter…(read more )