Mortgage rates¬†made their biggest move of the week¬†today, although the competition wasn't very stiff, considering yesterday's microscopic improvement was the first noticeable change. ¬†Today's improvement was certainly bigger, but still microscopic by normal standards. ¬†Few, if any lenders will be quoting lower "contract rates" today. The gains would instead be seen in the form of slightly lower closing costs.
As for the contract rates themselves, 4.375% remains the most prevalent conventional 30yr fixed quote for top tier scenarios. ¬†Several lenders still up at 4.5% and a few are down at 4.25%. Barring the unforeseen, lenders will have little incentive to make meaningful adjustments to rates between now and the end of the year, thus decreasing the risk and reward associated with a "lock vs float" decision. ¬†...(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.[img]http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=691282