Mortgage Rates are slightly better when compared to last Friday. There are two simple reasons for this. The first is the recent removal of the adverse market fee that artificially increased rates for refinance transactions starting late last summer. The second is the general strength in the bond market compared to last week. Mortgage rates are, after all, based on trading levels in the bond market with higher prices (or lower yields) coinciding with lower rates. Bonds aren’t doing quite as well yesterday, and we are seeing a small bounce this morning.
We are recommending client lock as all technical indicators point to us being at the bottom of the rate range.
SOURCE & AUTHOR |
Keith Murphy Branch Manager – Essex Mortgage NMLS #330827