Mortgage Rates Slightly Higher, but Maintaining Recent RangeOctober 8, 2013
Mortgage rates moved higher today, but remain in the range of recently lower levels that has persisted since late September. Conforming, 30yr fixed best-execution remains at 4.25% though the closing costs would be slightly higher today vs yesterday, or the lender credit slightly lower, depending on your scenario.
Prices of ‘mortgage-backed securities’ that dictate loan pricing (MBS) and other sectors of the bond market have been holding inside an uncommonly narrow range since the government shutdown began. Bond markets are intensely interested in the economic data that’s been postponed by the shutdown. Until the data becomes available, it will take something significant to motivate bigger movement.