Mortgage Rates Continue Drifting Higher Ahead of Jobs Report

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates continued drifting slightly higher after a strong move to 19 month lows on Tuesday. The caveat is that today’s rates are only higher compared to the past 2 days. They’re still better than anything else seen before this week. The most prevalently-quoted conforming 30yr fixed rate remains 3.75%, but with slightly fewer instances of 3.625% today. FHA/VA rates remain plagued by volatility depending on the lender due to the announcement of a drop in annual mortgage insurance premiums. The problem is that the industry doesn’t yet know exactly how the changes will be implemented. Investors that buy and sell the bonds that back those mortgages recoiled in fear yesterday because of the potential impact on the bonds’ value. This caused changes in loan pricing specifically for FHA, VA,…(read more)

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