Mortgage rates¬†have been volatile¬†recently, with 3 out of the past 5 business days seeing much-bigger-than-average moves. ¬†After improving nicely yesterday, rates rose quickly today by nearly the same amount. ¬†Relative to the recent landscape, this leaves us in the same territory as Thursday the 19th, on average. ¬†Throughout this volatile stretch, top tier 30yr fixed rates have averaged 4.125% during better moments and 4.25% on the bad days. ¬†The latter is slightly more prevalent today, but 4.125% is still out there.
A mere eighth of a percentage point might not sound like much. ¬†It may not even BE much if considered in terms of the monthly payment change (about $14/mo on a 200k loan). ¬†But for borrowers looking to move down an eighth from today's quotes, it would cost more than $1000 on that same $200k loan. ¬†Granted, single day moves of .125% are uncommon, but we've seen moves half that big on a fairly regular basis recently. ¬†...(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=700175