Mortgage Rates Continue Tip-Toeing Into 2013 Lows
Tuesday, April 30, 2013 2:36 PM
Mortgage rates extended their run into 2013 lows today, but only by small margins. The movement is essentially similar to yesterday’s and further supports the case for a shift from 3.5% to 3.375% for the Conventional, 30yr Fixed best execution rate. The borrowing costs associated with 3.5% are at their 2013 lows while those associated with 3.375% aren’t quite back to early January levels.
That means that that the lowest rates are the slowest to “feel the love” from the interest rate rally since topping out in mid March. This is normal behavior in the mortgage rate world where there’s not simply a “going rate,” but always several adjacent rates with corresponding costs associated. That said, the shift between 3.375% and 3.5% has more to do with the DIFFERENCE in costs between those two rates, and the fact that current buy-down costs may make sense for an increasing amount of borrowers.
More from MND:
- MND NewsWire: Homeownership Hits 17-year Low
- MBS Commentary: MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off
- MND NewsWire: Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend
- MND NewsWire: Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller
- Pipeline Press: Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?
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