Mortgage Rates bounced highe r today, bringing them back in line with the pervasive range of the past several weeks. As of yesterday, rates were technically at 2-week lows. The ultra-narrow range continues to be an important caveat for any discussion of rate movement. Simply put, there is such a small gap between 2-week highs and 2-week lows that it could be easily traversed on an average day of movement. Most lenders continue to offer conventional 30yr fixed quotes around 3.375% on top tier scenarios. Today's chief concern for bond markets (which underlie mortgage rate movement) was European Central Bank (ECB) chief Mario Draghi, who stopped short of promising an extension of the central bank's bond buying program set to end in March 2017. The program is similar to the Fed's past efforts with
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