Mortgage rates ended a 3-day losing streak, moving modestly lower today. This wasn't the case in the morning, but several lenders released positively-revised rate sheets in the afternoon. As such, some lenders still have slightly higher rates compared to yesterday, but the average is slightly lower. This leaves 4.125% intact as the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers. 4.25% is still common and 4.0% remains a bit of a stretch, but is available to some borrowers willing to pay the extra up front costs.
The markets that underlie mortgage rates moved paradoxically today. Economic data was stronger than expected, which typically pushes rates higher. There were other factors in play today that outweighed the impact of the economic data. In addition, such data isn't always as simple as it's main headline might suggest, and several of the reports had valid counterpoints to the positivity beneath the surface.
In the bigger picture, rates are still fairly close to their best levels of the year. The widely followed Freddie Mac rate survey came out today, showing this week's rates are the lowest of the year. Keep in mind that this is only the case for their survey, which is limited due to the time-frames that it covers. In general, it will only be conveying quotes from Monday through Wednesday. Interestingly enough, the best days of the year for rates have been a Thursday and a Friday. In particular, rate on the morning of May 29th completely crushed anything else in 2014.
Today's Best-Execution Rates
Ongoing Lock/Float Considerations