Thursday, August 18, 2016

Friday: Travel Day

by Bill McBride on 8/18/2016 09:36:00 PM

I'm off to Boston for the weekend and then to New York for a few days. Posting will be intermittent. Best wishes to all!

Here is an update on mortgage rates from Matthew Graham at Mortgage News Daily: Mortgage Rates Slightly Lower

Mortgage Rates continued avoiding drama today, moving moderately lower as bond markets held on to gains that followed yesterday's Fed Minutes. As we discussed yesterday, the Fed didn't say anything earth-shattering, but some investors were prepared for more clues about rate hikes in the near term. When those clues didn't show up, rates were able to come back down just slightly.

Rates first improved in the secondary markets and Treasuries. When markets move in the afternoon--especially if that movement is just barely enough for a lender to consider changing rates--lenders will often wait until the following morning to make the adjustment. This was the case today as most lenders were in better territory right from the start. The improvement isn't enough to change actual interest rates, which remain in a range of 3.375-3.5% on conventional 30yr fixed quotes. But today's closing costs would be slightly lower compared to yesterday's.
emphasis added
Here is a table from Mortgage News Daily: