By Matthew Graham | Mortgage News Daily
Mortgage rates only moved slightly higher Thursday for most lenders. Some lenders were unchanged from yesterday, but on average, rates inched up to match their highest levels since May 1st. There was no significant underlying market movement, which is interesting considering yesterday’s Fed Announcement was expected to do more to stir up the action. Instead, the mortgage-backed-securities (MBS) that underlie mortgage rates simply held flat today after losing only a moderate amount of ground yesterday.
While we technically moved from “1.5 month highs” to “4.5 month highs,” it’s important to note the two were separated by a mere 0.01% in terms of effective interest rate. The actual rate quotes going out Thursday would be the same as yesterday in most cases, but with marginally higher closing costs. 4.25% remains the most prevalent conforming 30yr fixed rate for top tier borrowers.
