Mortgage rates began the day lower, but not too far from Mondays latest levels. As the day progressed, the bond markets that underlie rate movements grew progressively weaker. Most lenders put out negative reprices meaning they stopped accepting locks and released new rate sheets with higher costs. The afternoons rate sheets were slightly worse than Mondays latest. This keeps the most prevalently-quoted conforming 30yr fixed rate in limbo between 4.0 and 4.125% for top tier borrowers. There were no significant calendar events conspiring to push rates higher today, which is both scary and hopeful. Its scary because it can suggest an underlying, innate bias toward higher rates, but hopeful because there could be less conviction in that move compared to one that arises due to clearly-defined motivation. As long as were not breaking into new recent highs, there is still some hope that a broader shift toward lower rates (the tacit suggestion from Fridays high-conviction gains) will materialize. The Mortgage News Daily
Posted on: Wed, 12 Nov 2014 22:41:40 +0000
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