Mortgage rates¬†continued¬†lower today as political uncertainty sparked the biggest day of stock market losses since the election. ¬† In general, short term pain for stocks benefits bonds. ¬†When demand for bonds increases, rates move lower. ¬†Today was no exception. ¬†Bond yields (which correlate with mortgage rates) fell in lock-step with stocks in the late morning hours.
Today's improvement makes for a nice addition to several days of lower rates. ¬†In less than a week, rates have fallen quickly from 3 year highs to the lowest levels of the month. ¬†The average lender is still quoting conventional 30yr fixed rates of 4.25% on top tier scenarios, but with lower upfront costs today. ¬†Several of the more aggressive lenders are already back down to 4.125%, and fewer laggards remain at 4.375%....(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=719794