Mortgage ratesimproved modestly today as lenders caught up with yesterday afternoon's market movements. Most lenders will issue mid-day changes in rate sheets ("reprices") when bond markets make a big enough move in one direction or the other during the day. Sometimes, this movement doesn't happen until the afternoon hours (which was the case yesterday). A handful of lenders responded with rate sheet improvements, but most simply waited for this morning.
The net improvement isn't huge, by any means. In fact, most prospective borrowers may see the exact same quote as yesterday. But on average, the combination of rates and upfront costs is at its best level since May 18th. Specifically, 3.875-4.125% is the prevailing range, with most lenders quoting 4.0% on top tier 30yr fixed scenarios....(read more)Forward this article via email:Send a copy of this story to someone you know that may want to read it.