Mortgage rates held steady yet again, ending their second week of significant improvement and contributing to what may soon be the first 2-month stretch of improvement since the Spring of 2012. Some lenders’ rate sheets were slightly weaker today while others improved. The net effect was an unchanged 30yr fixed rate of 4.125% (best-execution), on average for ideal scenarios, with the day-over-day changes being seen in the form of higher or lower closing costs.
The uneventful movement in rates sheets reflects the uneventful day in financial markets, particularly the mortgage-backed-securities (MBS) that most directly influence mortgage rates. Even in broader bond markets, the last few days have been a break in the recent action driven by the debt-ceiling resolution and Tuesday’s Employment situation report.