Mortgage Rates Highest Since Early 2011
Mortgage News Daily sees things slightly differently but the the disagreement is over a few meaningless basis points.
Mortgage rates were slightly lower again today, but there are some caveats. First of all, the average lender wasn't in substantially better shape compared to yesterday afternoon. On top of that, bond markets (the underpinnings of mortgage rates) weakened throughout the day. If lenders were beginning their day looking at current bond market pricing, we'd likely have seen rates edge slightly HIGHER. As such, unless bonds manage to receive solid support from Asia and Europe on Monday morning, US lenders will likely be forced to bring rates a bit higher.
Today's Most Prevalent Rates
- 30-YR FIXED - 4.75-4.875%
- 15- YEAR FIXED - 4.25%-4.375
- FHA/VA - 4.5%
- 5 YEAR ARMS - 3.75-4.25% depending on the lender
Those rates are slightly higher than the rates posted by the St. Louis Fed.
Mike "Mish" Shedlock