Mortgage Rates Mostly Hold on to Friday’s Big Gains

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates were just slightly higher today, but generally did a good job of holding on to recent gains. For perspective, last Friday was the only day in the past 21 months with lower rates, and many borrowers may find their quotes unchanged over the weekend. Almost everyone else would simply see minor increases in upfront costs as opposed to changes in the contract rate itself. Those remain steady with conforming 30yr fixed rates of 3.625% widely available for top tier scenarios and 3.5% not far behind. In terms of the markets that underlie mortgage rate movements, today was largely about consolidation after Friday’s strong move. The last day of any given month can bring increased trading activity, and this helped January end on a decisively positive note. The first trading day of the following…(read more)

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