Mortgage Rates Catch a Break Heading Into Important Week
Mortgage rates were sideways to marginally lower today. Many lenders released new and improved rate sheets in the afternoon in order for the average to get better than yesterday, but even then, lenders are obviously cautious ahead of next week’s big-ticket events. The most prevalently-quoted conforming 30yr fixed rate remained at 4.25% for flawless scenarios, though 4.125% is still a contender–especially among lenders who released rate sheet improvements.
It’s not uncommon for financial securities (like those that influence mortgage rates) to pull back and consolidate/correct after a winning streak. Yesterday’s abrupt move higher threatened to stand as the beginning of just such correction heading into next week. As such, simply being sideways is a victory today! And again, the lenders that are issuing revised rate sheets this afternoon are moving into slightly better territory than yesterday.
From a strategy standpoint, today’s improvement doesn’t really change things. It continues to be the case that next week could send rates moving much higher or lower. At the very least, movement will be more volatile. The conclusion is that both risk and reward are elevated when it comes to floating a rate. www.mortgagenewsdaily.com
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