Mortgage Rates Well Into Mid 3’s

Mortgage rates kept moving lower today as global financial markets remain in distress. This time around, the improvement wasn’t as much about the bond market gains as it was about lenders getting caught up with yesterday’s gains. As we discussed yesterday, when it comes to adjusting rate sheets to match trading levels in financial markets (which is the core of mortgage rate pricing), lenders have a hard time keeping up with major volatility. As such, rates were able to improve today even though stocks and bonds were mostly sideways. The other thing to consider is the implication of being sideways at current levels. Bond yields and stock prices fell to the lowest level of the year yesterday a…
Mortgage Rates Newsletter – Market Analysis

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