Mortgage Rates Lower After Downbeat Economic Data
Mortgage rates improved just slightly today, but that’s a welcome result considering the way things had been shaping up. If not for the weaker-than-expected report on Retail Sales, mortgage rates likely would have begun the day noticeably higher. Fortunately, the data is released at 8:30am, giving markets time to react before most lenders put out their first rate sheets of the day.
It was relatively smooth sailing from there on out. Ongoing economic concerns in Europe also helped US bond markets (which include the securities that govern mortgage rates) hold their ground. The most prevalently-quoted conforming 30yr fixed rate for top tier scenarios remains 4.125%. 4.25% is a bit less common than it was last week as effective rates have edged down to hug recent lows.
Article Written by MATTHEW GRAHAM
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