Mortgage Rates continue to experience minor volatility near all-time lows, bouncing moderately higher today after moving lower yesterday. The move didn't take rates any higher than Tuesday's rather abrupt short-term highs, and despite the fact that rates have moved in opposite directions every day this week, the actual rates quoted should have remained the same for most scenarios while the variations would be limited to borrowing costs.
That means that when we reference "higher rates," the Best-Execution Rate for Conventional 30yr Fixed Loans remains at 3.75%, but closing costs would be higher for that rate today vs yesterday (or the amount of lender credit would be lower, depending on your scenario).
(Read More: What is A Best-Execution Mortgage Rate? )
Markets were generally calmer today than yesterday and there's a sense that the week is winding down ahead of the Memorial Day Holiday. Bond Markets will be closed on Monday and most lenders will not issue rate sheets. In addition, tomorrow is a half day with little by way of data or events on the calendar.
(Get Caught Up With: Yesterday's Post)