By Matthew Graham | Mortgage News Daily
Mortgage Rates didn’t move much Wednesday, with most lenders just slightly higher than yesterday. This keeps us right in line with the highest levels in more than 4 months. For the sake of perspective, outside the past 4 months, rates have hardly ever been as LOW as they are today. The average lender is quoting conventional 30yr fixed rates of 3.625% on top tier scenarios, though several remain at 3.5%.
The bond markets that underlie rate movement are generally defensive and uncertain at the moment. Investors are anxious to see if next week’s Fed announcement will hold clues about the Fed’s intention to hike its policy rate in early December. Even though the Fed Funds Rate doesn’t directly affect mortgage rates, if investors increasingly believe the Fed will hike in the future, mortgage rates tend to move higher in the present.
