Mortgage rates have been all over the place over the past few weeks. However, they have started to settle down. Here's the latest update from Mortgage News daily. An excellent resource to track the ebb and flow of the market.
Mortgage rates continued to inch lower on Tuesday as part of a two day move back down from recent highs. The change in rates compared to yesterday's latest offerings isn't enough to change the prevailing Best-Execution rate for 30yr Fixed, Conventional loans (3.625%), but modest improvements came in spite of weaker market conditions. This means that lenders priced rate sheets more aggressively relative to trading levels in MBS (the mortgage-backed-securities that most directly influence rates). It also means that some lenders whose pricing is tied more directly to MBS levels will be higher in rate.
The fact that rate sheets and MBS moved in opposite directions today could have to do with the timing of several unique events late last week which are now either over and done with, or less of a concern in the current week. All told, the improvements would be better characterized as a tense, but successful evasion of negativity rather than the purposeful pursuit of positivity. Additionally, much of the market weakness arrived in the afternoon and some lenders may recall rate sheets before the end of the day.
For more information about rates, you can check out more at Mortgagenewsdaily.com. Or feel free to send me an email if you have any questions. I would be happy to help you with your mortgage related your questions or get you in touch with mortgage professional that can assist you.