Mortgage rates¬†improved slightly to begin 2017, bringing them to the lowest levels in nearly a month, on average. ¬†December 8th was the last time rates were lower. ¬†During December, conventional 30yr fixed quotes were straying into the 4.375%-4.5% territory for many lenders. ¬†Now, nearly every lender is back down to 4.25% at least, with several already down to 4.125%. ¬†These rates assume a top tier scenario with no negative adjustments.
Today's victory was far from a given. ¬†That looked especially true this morning as bond markets got off to a weaker start (bond market weakness implies higher rates). ¬†Indeed, most lenders were slightly worse off this morning. ¬†Bonds improved, somewhat substantially, as the day wore on. ¬†Ultimately, most lenders repriced for the better (i.e. they saw enough market movement to move rates lower in the middle of the day). ¬†Keep in mind, mid-day price improvements will seldom result in a lower contract rate. ¬†Rather, the improvements are more likely to be seen in the form of lower upfront costs....(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=694524