Mortgage rates reverse course
1/12/2006
The decline in yields, which lenders use to set mortgage rates, allowed rates to start edging down on some products. Rates had begun to creep up earlier in the session.
At 4 p.m. EST, average mortgage rates (zero discount points) based on rates collected nationwide were:
The 30-year conventional fixed-rate mortgage was at 5.946 percent from 5.952 percent on Wednesday. The 15-year conventional fixed-rate mortgage was at 5.474 percent versus 5.485 percent on Wednesday.
The substantial dip in Treasury yields this afternoon should allow mortgage lenders to lower rates overnight and into Friday. If tomorrow's economic reports come in close to estimates, rates could continue to edge downward.
The decline in yields, which lenders use to set mortgage rates, allowed rates to start edging down on some products. Rates had begun to creep up earlier in the session.
At 4 p.m. EST, average mortgage rates (zero discount points) based on rates collected nationwide were:
The 30-year conventional fixed-rate mortgage was at 5.946 percent from 5.952 percent on Wednesday. The 15-year conventional fixed-rate mortgage was at 5.474 percent versus 5.485 percent on Wednesday.
The substantial dip in Treasury yields this afternoon should allow mortgage lenders to lower rates overnight and into Friday. If tomorrow's economic reports come in close to estimates, rates could continue to edge downward.
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