Mortgage rates¬†moved lower today following back-to-back afternoons of improvements in underlying bond markets. ¬†Yesterday afternoon was only slightly stronger. ¬†It didn't result in many lenders offering mid-day improvements in rate sheets. ¬†Today, however, multiple lenders put out positive reprices after a well-received Treasury auction indicated strong investor demand in the bond market (higher demand for bonds = lower rates).
The average lender is back to their best levels since December 14th. ¬†Whereas 4.375% had easily been the most prevalent conventional 30yr fixed quote for top tier scenarios, 4.25% is at least as common today. ¬†All that having been said, rates were already fairly close to that tipping point. ¬†The range has been calm and narrow over the past 2 weeks. ¬†Today's move stands out against that backdrop, but isn't much more than an ordinary day any other time of the year....(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=692652