Financial markets are still reeling from political headlines that first began circulating on Tuesday afternoon. While stock markets made a reasonable attempt to retrace yesterday's big move lower, bond markets weren't as interested. Fortunately, that means¬†mortgage rates¬†moved modestly higher, leaving them fairly close to yesterday's 7-month lows. ¬† ¬†
On Tuesday morning, well-priced lenders were quoting conventional 30yr fixed rates of 4.0-4.125% on top tier scenarios. ¬†Over the past 2 days, the same scenarios were in the 3.875-4.0% range. ¬†An eighth of a percentage point is a big move for mortgage rates--especially in 2017 when the range hasn't been very much wider than a quarter point. ¬†It's the sort of improvement that provides strong incentive for risk-averse borrowers to lock....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.