Mortgage rates were completely unchanged on Friday standing in stark contrast to Thursday's sharp move higher.  While there were several lenders whose rate sheets were marginally changed vs yesterday's, most were strikingly similar.  A handful of lenders issued positive reprices in the afternoon, but Thursday's damage was done and Best-Execution on 30yr Fixed, Conventional loans remained at 3.5%.

Mortgage rates were mixed, leaning toward slightly improved to begin the holiday-shortened week.  Several lenders' rate sheets were slightly worse than Friday's while a majority were unchanged to slightly better.  A worse-than-expected report on Existing Home Sales helped interest rates hold their ground.  Despite the moderate improvement overall, it hasn't been enough to affect the Best-Execution levels for 30yr Fixed, Conventional loans, which continue to hover near 3.5% since Thursday. 

Mortgage rates were more unified in their improvements today after beginning the week rather equivocally on Tuesday.  Most lenders offered improved interest rates or reduced costs (or increased lender credit) for the same rates available yesterday.  Additionally, several large lenders offered bigger-than-average improvements, doing more to affect the average day-over-day change.  In fact, 3.375% is edging back into the frame of reference as a Best-Execution rate for 30yr Fixed, Conventional loans, though 3.5% remains the most prevalent.

Mortgage rates bounced back from a few days of moderate improvements today.   Lenders typically don't release their first rate sheets of the day until a few hours of the trading session have passed.  If rates sheets would have arrived before this morning's economic data, rates likely would have logged slight incremental improvements.  But today's Jobless Claims report showed far fewer Americans filed for unemployment benefits this week, sending bond markets into weaker territory before most lenders issued today's rates.  This resulted in most lenders moving noticeably, but not catastrophically higher in terms of borrowing costs, while Best-Execution levels remained unchanged at 3.5% (some availability at 3.375%).

Mortgage rates skyrocketed to their highest levels since August on Friday, both as a part of an ongoing move higher that began yesterday and more specifically in reaction to overnight events in Europe.  Strong economic data in Germany sent interest rates initially higher overnight, but the bigger surge followed an ECB announcement detailing the 278 of 523 European banks that had already begun paying back 3-year loans made by the ECB in late 2011.  MBS (the mortgage-backed securities that most directly influence rates) opened in much weaker territory and continued to sell-off throughout the day.