After spending the past 5 business days moving higher, mortgage ratesÃ‚Â finally found their footingÃ‚Â today. Ã‚Â The improvement came in phases, with today’s first round of rate sheets only marginally better than yesterday’s. Ã‚Â Bond markets (which underlie rate movement) surged into stronger territory around 11am as investors pared risk during Trump’s press conference. Ã‚Â This allowed most lenders to “reprice,” meaning they send out revised rate sheets with better terms.
From the highest levels in nearly 3 weeks yesterday, today’s rates ultimately fell to the lowest levels of the week by the afternoon. Ã‚Â 4.25% remains the most prevalent conventional 30yr fixed rate on top tier scenarios, although several lenders moved back down to 4.125%. Ã‚Â That means most borrowers will see today’s improvements in the form of lower upfront costs. Ã‚Â