Daily Mortgage Rates Update Archive Description http://www.mortgagenewsdaily.com/reports/mortgage_rates/archive Mortgage rates continued May's nearly constant trend higher to begin the week, though the pace of increases is slower compared to that seen on Friday. Even so, it brings rates dangerously close to their highest levels of 2013 (which are also the highest levels in 1 year). Best-execution for Conventional, 30yr Fixed Loans is in transit between 3.625% and 3.75%. Best-ex is also more subjective from borrower's points of view at the moment due to the fact that the most efficient rate on most rate sheets is 3.625% yet it might leave some borrowers bringing more to the table in terms of closing costs than they'd otherwise like. In other words, we're now getting into rate territory where 3.625% won't necessarily be a "no point" quote for the best qualified borrowers (but as always, this can vary greatly http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/20/415 http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/20/415 Mon, 20 May 2013 20:50:57 GMT Mortgage rates moved higher at their fastest pace in two weeks , after having their best day in more than 6 weeks just yesterday. The net effect for rates is not good, leaving them at their highest levels of the week and very close to 2013 highs seen in early March. While 3.625% remains as the best-execution rate for conventional, 30yr fixed loans, the costs associated with that rate (or whatever rate you're considering) are as high as they've been all week. Further increases from here start to shift the balance toward 3.75%. There's no question that the month of May has been exceptionally volatile for mortgage rates, in the context of the past 2 years anyway. Consider the "cost" side of the mortgage rate equation. Every rate has an associated cost implied. The lower the rate, the higher the http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/17/412 http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/17/412 Fri, 17 May 2013 20:49:38 GMT Mortgage rates moved lower at their fastest pace in 6 weeks today, erasing most of the losses seen so far this week. Not all lenders have adjusted pricing at the same pace, however, and best-execution is still 3.625% for conventional, 30yr fixed loans. That means today's improvements came in the form of lower borrowing costs or increased lender credit, depending on the scenario. Today's improvements were potentially important in the bigger picture. We began talking about this yesterday, saying that: [Wednesday's] trading had the redeeming quality of NOT making a new low. We can't conclude anything from 1 session, but it does at least introduce the possibility that we're digging in at recent highs to make a range between now and next week's FOMC Minutes. This would look more likely if we see http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/16/410 http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/16/410 Thu, 16 May 2013 20:52:35 GMT Mortgage rates had a good day, despite the fact that the day-over-day change from yesterday is flat to slightly higher. Part of the reason for the higher average rate (by .01%) today has to do with late day negative reprices yesterday that weren't yet reflected in our daily marks. This helps the best-execution rate for conventional, 30yr fixed loans, stay in it's 3.625% zone. Lower rates continue to be viable options in some scenarios, but are increasingly costly, moving lower from 3.625%. Bond markets, including MBS (the 'mortgage-backed-securities' that most directly affect mortgage rates), have been on the back foot all month, with the latter making a new low every single day since May 1 (when MBS move lower, rates move higher). Today's trading had the redeeming quality of NOT making a new http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/15/408 http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/15/408 Wed, 15 May 2013 22:16:02 GMT Mortgage rates began the day in promising shape, but lost their composure early and often. Despite several lenders releasing their initial rate sheets today in line with yesterday's, the afternoon brought 1-3 rounds of new rate sheets with costs significantly increased from morning offerings. The best-execution rate for conventional, 30yr fixed loans has already moved most of the way through 3.625% and some lenders are edging into 3.75% territory. Today's losses weren't a factor of any economic reports in the US (or abroad, for that matter), yet markets moved with determination. All of the more granular contributors are operating in the shadow of the FOMC issues we discussed yesterday . Today was additionally frustrating as the granular factors were particularly hard to find, having lots to http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/14/406 http://www.mortgagenewsdaily.com/reports/mortgage_rates/2013/5/14/406 Tue, 14 May 2013 21:17:30 GMT