Mortgage Rates Back up to Last Wednesday’s Levels
Mortgage rates rose moderately today. Market conditions were exceptionally quiet and after trading opened in the secondary mortgage market, there was almost no movement for the rest of the day. This follows 2 days at the end of last week that also realized very little of their rate-movement potential, though they did see some volatility. Unsurprisingly, that leaves rates very much in line with Wednesday’s–the day before the volatility showed up.
In other words, financial markets braced for bigger impact from last week’s European Central Bank Announcement and the Employment Situation report. While there was a decent amount of back and forth movement, rates ultimately leveled off as if those events never even happened. The most most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) is back to 4.25% with today’s weakness, though 4.125% remains close. Some borrowers will still see the same rate as was quoted Friday, but with higher closing costs. The increase equates to 0.04% in terms of rate.
Last week’s conclusion holds true: the inspiration for the next concerted market movement is anyone’s guess at this point. It’s not safe to plan on rates moving in either direction in the short term, but recent levels of volatility suggest there’s not much risk in being wrong.
Posted on June 9, 2014, in Uncategorized and tagged Federal Reserve System, Low Rates, Mortgage, mortgage expert, Mortgage Rates, mortgage rates on staten Island, Mortgages, my rate, Staten Island. Bookmark the permalink. Leave a comment.