From Matthew Graham at Mortgage News Daily: Rates Fall Slightly to Remain Near 8-Month Lows



Mortgage rates were steady to slightly lower today, with underlying bond markets essentially erasing the damage seen yesterday. This was neither here nor there for the mortgage world as most lenders didn't adjust rates much higher yesterday (despite bond weakness). Thus, they didn't have much to do today when bonds strengthened. In general "bond market strength" = lower rates and vice versa.

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The absence of change continues to be a good thing given that rates remain very close to their lowest levels in more than 8 months. Only a handful of recent days have been any better. 4.0% is the most prevalently-quoted conventional 30yr fixed rate on top tier scenarios, though a few of the aggressive lenders remain at 3.875%.

Wednesday:• At 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the• At 10:00 AM,for May from the National Association of Realtors (NAR). The consensus is for 5.55 million SAAR, down from 5.57 million in April. Housing economist Tom Lawler expects the NAR to report sales of 5.65 million SAAR in May.• During the day: The AIA'sfor May (a leading indicator for commercial real estate).