Mortgage Rates Near 2-Week Lows
Mortgage rates were slightly lower today as the bond market improved for the 2nd straight day. When bonds prices move higher, bond yields (or rates) move lower, all other things being equal. In the current case, bonds were generally cautious heading into yesterday’s reading of the minutes from the most recent Fed meeting (read more), but have been bouncing back ever since.
All that having been said, the movement has been fairly gradual. The average mortgage borrower may not even see any different between yesterday and today’s rates. That’s because mortgage lenders typically offer rates in 0.125% increments, and it takes quite a bit more movement in the bond market for rates to change that much.…(read more) Fidelity Home Group | Mortgage News | Mortgage Rates