Mortgage Rates Mostly Flat Ahead of Yellen Testimony

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates ended the day in almost perfectly unchanged territory versus Friday’s despite trading levels improving in the secondary mortgage market. In other words, the mortgage-backed-securities that dictate lender’s rate sheets suggested a modest improvement–an improvement that we’re not really seeing. That said, of the few lenders who moved today, most have moved slightly lower. The most prevalently-quoted conventional 30yr fixed rate remains 3.875% for top tier scenarios, though 3.75% is certainly not unheard-of. The rationale for the conservative approach can vary from lender to lender, but several factors are likely in play. First and foremost, volatility will always hurt lenders’ ability to move mortgage rates in proportion to the rest of the bond market. The higher the volatility…(read more)

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