Mortgage rates were slightly higher today, continuing a move from yesterday that saw most of the early gains evaporate by the end of the day.  Today's market activity (which ultimately affects rates) was much more subdued by comparison, making it tough to say if we're seeing some sort of reversal of the recent drop in rates or simply a pause.  The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains centered on 4.125%.   Most borrowers will experience today's move in the form of higher closing costs for the same rates quoted yesterday. In terms of effective rates, that rise in closing cost equates to a hike of 0.02%.

Mortgage rates began the day in roughly the same territory as Friday afternoon.  Some lenders were in slightly better shape while others were slightly worse.  Afternoon weakness in the secondary mortgage market led several lenders to reprice negatively, but even this didn't take rate sheets too far away from where they had been.  The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.125%, but several lenders are better-priced at 4.25%.  Most borrowers will experience today's move in the form of higher closing costs for the same rates quoted yesterday. In terms of effective rates, that rise in closing cost equates to a hike of 0.02%.

Mortgage rates improved modestly today, making it back in line with Friday's levels.  These aren't the very best rates of 2014, but they're close enough to make the following statement.  Rates have now been holding near 2014 lows for 5 straight days.  Despite volatility in markets during the day, the end-of-day rate levels haven't moved too much during this time. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.125%, with slightly fewer instances of lenders being better-priced at 4.25%.  Most borrowers will experience today's move in the form of lower closing costs for the same rates quoted yesterday. In terms of effective rates, that change in closing cost equates to a drop of 0.02%.

Mortgage rates held almost perfectly steady today, despite the potentially important release of last month's meeting minutes from the FOMC (aka "The Fed").  That said, markets arguably had already reacted to some of today's information during yesterday's trading session when NY Fed President William Dudley alluded to it.  The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.125%, but many lenders remain better-priced at 4.25%. "Better-priced" in this context, means that the combination of closing costs and contract rate (the actual interest rate at the top of a mortgage quote) presents better bang for the buck. 

Mortgage rates, once again, are ending the day essentially unchanged compared to the previous day.  Morning rate sheets were in stronger territory, in some cases approaching those seen on May 15th (best day of the year so far), but market weakness caused some lenders to raise rates in the afternoon.  This brought the average back in line with yesterday's.  As such, the most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.125%.   Many lenders remain better-priced at 4.25%. "Better-priced" in this context, means that the combination of closing costs and contract rate (the actual interest rate at the top of a mortgage quote) presents better bang for the buck. 

Mortgage rates didn't budge today--not one little bit.  It's one thing for lenders to be adjusting rate sheets at various points in the day, beginning stronger, ending weaker, and ultimately averaging out to the same rates as the day before (as weas the case yesterday).  It's another thing altogether for every lender to come in the door at the exact same rates the next morning and stick with them all day long.  That sort of complete absence of movement stands in sharp contrast to almost any other day spent watching markets and rates, hence the "sharply unchanged" descriptor in the title.