Mortgage Rates Slightly Higher Today

Tuesday continued the same theme of incredibly modest movement inside an incredibly narrow range.  The average lender is still just under 7% for a conventional 30yr fixed loan, but now slightly closer to 7% compared to yesterday.

Earlier this morning, rates were set to improve by just as much but economic data caused bonds to lose value.  As bond prices fall, rates rise, all other things being equal.  

If it's any consolation, at least some of the data spoke to a stronger housing market.  Home prices rose at 0.7% in April (the most recent month in the index) compared to forecasts calling for less than half as much appreciation.  New Home Sales surged to the highest levels in more than a year, easily outpacing expectations.