A Message from Jeffrey Chalmers:

"Are rates expected to drop? Wait and see or get started."
Mortgage Rates Rise a Bit More From Recent Lows

Mortgage rates were at their best levels in roughly a month last Friday afternoon.  Since then, they've risen modestly on each of the past two business days.  As has been the case for quite some time, day-to-day movement continues to be very tame.  The actual interest rates at the top of loan quotes rarely change from one day to the next.  Instead, fine-tuning adjustments to the overall cost of financing come courtesy of slightly higher upfront costs--at least in today's case.

In other words, if you were being quoted 3.875% yesterday on a 30yr loan yesterday, chances are you'd be seeing the same rate today, but with upfront costs just a bit higher (or a lender credit that's just a bit lower, depending on the scenario). 

In the bigger picture, rates are attempting to push lower after rising fairly quickly from early September through early October.  The weakness (read: slightly higher costs) over the past 2 days doesn't derail that effort, but that could change if the weakness persists for another day or two.

This Daily Mortgage Rate Update is provided in partnership with Mortgage News Daily.