Rates Recover as Markets Wind Down For the Holidays
After rising to 2-week highs last week, mortgage rates managed to recover to a more central location in their recent range this week. For most top tier scenarios, this means conventional 30 year fixed quotes of 4.0% or slightly lower.
We're heading into the holiday season and that means lower participation among traders who ultimately move markets and interest rates. That makes rate momentum more of a random walk until early December. It also makes lenders less eager to offer significant improvements on rate sheets for any given amount of bond market improvement.
The net effect is that there is less reward for floating vs locking. In any event, we'll likely be waiting to see how the tax reform debate shapes up after Thanksgiving to get a sense of the next major move in rates.
Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.
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