Mortgage rates and the broader bond market are both in the midst of a correction after hitting the best levels in more than 3 years last week.  This is a correction that many market watchers were worried about on several occasions in August.  But every time it looked like rates had bottomed, it only took a few days of indecision before they were again pressing into new long-term lows. 

This most recent break from long-term lows has been far more threatening with 2 of the past 4 business days bringing the biggest single-day jumps in several months.  As a result, the average lender is now back to offering rates last seen in early August. e rates" that take day-to-day changes in upfront costs into consideration.

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