After spending the past 5 business days moving higher, mortgage rates¬†finally found their footing¬†today. ¬†The improvement came in phases, with today's first round of rate sheets only marginally better than yesterday's. ¬†Bond markets (which underlie rate movement) surged into stronger territory around 11am as investors pared risk during Trump's press conference. ¬†This allowed most lenders to "reprice," meaning they send out revised rate sheets with better terms.
From the highest levels in nearly 3 weeks yesterday, today's rates ultimately fell to the lowest levels of the week by the afternoon. ¬†4.25% remains the most prevalent conventional 30yr fixed rate on top tier scenarios, although several lenders moved back down to 4.125%. ¬†That means most borrowers will see today's improvements 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=707056