Mortgage Rates Move Higher Again

Mortgage rates moved up yesterday after the first of three treasury auctions scheduled this week failed to match expectations.

Weak demand for $40 billion 3 year Treasury notes and the beginnings of a recovery bounce in stocks were cited as the driving force behind rising interest rates. There were a few reports of lenders recalling rate sheets, but for the most part, reprices for the worse were not widespread, but time is running out for mortgage loan borrowers.