Election Pushes Rates to New 5-Month Highs

<p><strong><a style="font-weight: bold;" target="_blank" href="http://www.mortgagenewsdaily.com/mortgage_rates/">Mortgage Rates</a></strong><strong> rose</strong> <b>today </b>as early presidential polls showed Clinton leading in several battleground states.  At least when it comes to the most immediate future, rates have done better when Trump's numbers have been better.  Some analysis suggests that although a Trump presidency could ultimately be worse for rates in the long run, the near-term uncertainty prompts investors to sell stocks and buy bonds.  When demand for bonds increases, rates move lower, all other things being equal. </p><br /> <p>Mortgage rates didn't have to move too much higher in order to make it to <b>new 5-month highs</b>.  If we're talking about the actual "note rate," that hasn't changed for most prospective borrowers at all this week.  Rather, the changes must be measured in the form of upfront closing costs/credits.  Higher upfront costs make for a higher "effective rate," even when the note rate remains unchanged.  Most lenders continue quoting 3.625% on top tier conventional 30yr fixed scenarios. </p>...(<a href="http://www.mortgagenewsdaily.com/consumer_rates/676842.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/676842/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=676842" width="1" height="1">