Today really reinforces one of the common quips about mortgage rates getting better much slower than they seem to get worse.
You might also hear: "lenders take it away faster than they give it back," or even "mortgage rates take the stairs down and the elevator up." The bottom line is that such sayings exist for good reason. Rates really do tend to move much slower when bouncing back from recent weakness.
Today was a good example of this as underlying bond markets including MBS (the "Mortgage-Backed Securities that most directly influence mortgage rates) did exhibit some decent improvements. Lenders, on the other hand, weren't able to offer rate sheets that were much better than yesterday's.
Mortgages Rates improved only moderately today despite a stronger bounce back in underlying bond markets.The Best-Execution Conventional 30yr Fixed Rate remains intact at 4.0%. That means that the borrowing costs associated with yesterday's rate offerings will be slightly lower Today vs yesterday, but still significantly higher than Monday. It continues to be the case that more than a few lenders will have issues hitting that 4.0% mark with a "no closing cost" loan after yesterday's sharp rise in rates.
JS
