Mortgage Rates End Week Near Best Levels
August 31, 2018
Mortgage rates caught a break to end a week that was otherwise spent moving higher. Although we did see a bit of improvement in underlying bond markets yesterday, lenders were still getting rate sheets caught up with Wednesday afternoon’s bond market weakness. As such, we were left with a decent trading day but no improvement in rates.
In order to see that improvement, we needed this morning to bring stronger trading levels and that’s exactly what it did. Lenders were consequently able to offer token improvements in the upfront costs attached to the same old rate quotes that have prevailed for weeks.
In other words, bond markets aren’t moving enough for actual mortgage rates to change. Instead, the movement is limited to the upfront costs (or credits) associated with any given loan–something that allows for finer tuning than the typical .125% gap between mortgage rate offerings.
Monday is a bank holiday. Virtually every mortgage lender will be closed, and unable to process rate lock requests. Lenders will not be updating rate sheets until Tuesday.
|30 Yr FRM||4.65%||-0.01|
|15 Yr FRM||4.15%||-0.02|
|FHA 30 Year Fixed||4.37%||-0.01|
|Jumbo 30 Year Fixed||4.33%||-0.02|