Mortgage Rates Inch Upward In Volatile Environment
The stock market rally that began yesterday started in the overseas market. Optimism in equities led investors to sell safe bond and treasury positions in favor of more aggressive stocks and subsequently pushed benchmark interest rates higher leading to lower mortgage-backed security prices. Since rates are tied to these markets it forced lenders to offer higher mortgage rates this morning. However, the day did end on a positive note for mortgage rates as the S&P slide from the highs of the day and closed in the red. The late day sell-off helped mortgage backed securities jump off their price lows and settle in at the high of the day. Most lender held their morning price in the face of this volatility and overall pricing was unchanged. Az Refi