Posts Tagged ‘mortgage rate’

Although costs inched slightly higher today, the overall picture of this week in mortgage rates was finalized today and it doesn't look too bad.  In terms of costs, the secondary mortgage market is nearly one full percent higher than it was at the lowest points on Monday.   The day was uneventful and not the most informative in terms of market-based events or volume.  Losses looked more severe this morning, but by the end of the day, the secondary market had battled back to close out the week just slightly worse than yesterday's prices.

NEW GUIDANCE: Defensiveness paid off yesterday for anyone who saw rates as good enough to pull the trigger.  Some of the things leading to better rates yesterday were just not the kind of things we can count on steadily contributing to market movements.  Today is no different.  So guidance remains in favor of staying defensive (i.e. leaning towards locking and ready to do so at a moment's notice).  We're still waiting for "something more," and still not confident that we've begun a mortgage rate recovery.  With no economic data to inform the markets today and with a holiday on Monday, we'll have to wait until next week to find out if the generally positive trends seen this week will continue.