Mortgage Rates Steady-to-Lower Ahead of Fed Day
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by Trevor Sines

Mortgage rates started stronger out of the gate, but morning weakness in bond markets prompted many lenders to adjust rates higher by early afternoon.  On balance, the average lender ended the day just a hair better than yesterday’s latest levels.  To be clear, we’re talking about microscopic differences.  Note rates are the same as yesterday.  The most prevalent conventional 30yr fixed quote is 4.25%, followed closely by 4.125%.  The microscopic improvement refers to changes in upfront costs/credits.    

In the bigger picture, rates remain very close to the highest levels in more than 2 years.  November proved to be one of the worst months in mortgage rate history, based on the abruptness of the move higher.  The damage was primarily due to investors rapidly reassessing future growth and inflation potential following the election.  By comparison, Fed policy has been less consequential.  But tomorrow’s Fed announcement can still cause volatility for rates.

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