Mortgage Rates Hurt By GDP, Fed Statement Not Much Help

Posted To: Mortgage Rate WatchMortgage rates began the day at broadly higher levels, as bond markets moved higher in yield overnight and again after the mornings economic data. Even though this mornings GDP was weaker than expected, bond markets strengthened only briefly before continuing further along yesterdays path of weakness. Typically, weak economic data suggests stronger moves in bond markets, in which MBS (the mortgage-backed-securities that directly affect mortgage rates) operate. Rates were generally weaker than yesterday but in most cases, not quite as bad as Mondays, with several lenders offering small improvements after a palatable Fed Policy Announcement. Best-Execution for 30yr Fixed, Conventional Loans remains at its newly acquired 3.625% perch with the days changes being limited to the closing cost...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.http://www.mortgagenewsdaily.com/consumer_rates/293713.aspx @ uwad.com