Mortgage Rates Hold Steady Ahead of 3-Day Weekend

Posted by Bonnie Martin Designated Broker on Saturday, May 25th, 2013 at 11:23am.

mortgagenewsdaily.com - Mortgage rates finally paused their relentless push higher today, holding at unchanged levels compared to yesterday's latest rate sheets on average.  Some lenders were slightly better or worse, but none of them by a wide margin.  Data and events were limited and markets were in holiday mode.  The most relevant market to mortgage rates, MBS, had a volatile day, but the volatility didn't transfer to rate sheets as much as it normally does, likely due to the shortened trading day and 3-day weekend ahead prompting lenders to price more conservatively yesterday.  This would go a long way toward accounting for our observation yesterday that  rate sheets were worse in the morning despite trading levels not being appreciably weaker.

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