Mortgage Rates Slightly Lower After Rocky Start

Mortgage rates experienced some volatility today, but ended up in slightly stronger territory on average. At first, rates were higher, as underlying bond markets were quickly weakening in the morning hours (weakness in bond markets translates to higher interest rates). But bonds staged an impressive comeback with help from weak consumer confidence data and falling oil prices. Weak economic data tends to benefit bond markets. When bond markets move enough during the day, lenders often ‘ reprice ‘ for better or worse. This simply means that the lender is no longer accepting locks at the previous rates. Most lenders send out a new rate sheet at the same time. Thus mortgage rates have ‘repriced….
Mortgage Rates Newsletter – Market Analysis

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