2014 Was a Tremendous Year for Mortgage Rates

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates drifted just slightly higher today amid extra quiet trading conditions. Bond markets (which include the mortgage-backed-securities that dictate mortgage rates) close early today and are fully closed tomorrow for the New Years holiday. Banks and mortgage lenders will also be closed, but almost all will be open on Friday. Keep in mind that when banks are closed, lenders don’t release new rate sheets and mortgages can’t be locked. As for today’s movement, it does little to change the bigger picture. Top tier scenarios are still easily in the high 3’s with 3.875% being the most prevalently-quoted conforming 30yr fixed. That’s unchanged from yesterday. Because of that “higher rates” refers to the modestly higher closing costs associated with prevailing rates. In other words, the NOTE…(read more)

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