market wrap

Mortgage rates moved lower today, recovering a good portion of yesterday's losses.  There were no significant economic events and much of the positivity for rates was a factor of overnight trading in Asia and Europe.  In short, the correction is just that--something that wouldn't have existed without recent sharp moves higher.  After moving up to a range of 4.75 to 4.875%, the most prevalent 30yr Fixed conventional rate quote(best-execution) is better characterized by a 4.625 to 4.75% range today--much better than yesterday, but still the 2nd or 3rd worst day in more than 2 years depending on the lender.