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Mortgage Rates at 3-Week Highs

Mortgage rates moved higher today, despite resilience in underlying bond markets.  If you were to ask bonds, they'd vote for rates remaining flat--well, sort of.  There is a timing issue that I brought to your attention yesterday where mortgage lenders had yet to adjust for yesterday afternoon's bond market weakness (weaker bonds = higher rates) and were thus more likely to start today with higher rates, all other things being equal.

That's exactly what happened.  And while it does mean that rates are higher than they were yesterday, we're actually seeing some supportive cues in bond market for the first time all week.  Specifically, bonds have held fairly steady today--something they've had a hard time with recently.  It's early to say for sure, but this could be the first sign that this week's corrective uptrend in rates is running out of steam.

All told, that correction resulted in most lenders moving up an eighth of a percentage point (.125%) in rate.  The average top tier conventional 30yr fixed quote is hovering somewhere between 3.875% and 4.0%.  

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