Mortgage Rates Rise Modestly From 2017 Lows

Mortgage rates rose modestly today after spending 2 days at the best levels in nearly 8 months. Financial markets were tuned in to several key events with the power to cause volatility for rates today. Of these, the Senate testimony of former FBI Director Comey probably had the biggest spotlight. Rates were already coming under […]

Mortgage Rates Unexpectedly Fall to 2017 Lows (Again)

Mortgage rates unexpectedly fell to new 7-month lows today, following bond market gains in the overnight hours (Asian and European trading sessions). Interest rates are driven by bond markets. The latter is part of an ecosystem of “risk” associated with the entire financial market. At times, most of that broader market will collectively move toward […]

Rates Hold 2017 Lows Despite Market Weakness

Mortgage rates managed to hold in line with 2017’s lowest levels for a 2nd day, even though underlying bond markets suggested a move higher . That means the prices of mortgage-backed-securities (MBS–the bonds that dictate mortgage rates) were lower. When MBS prices are lower, it means investors are paying lenders less to buy mortgages. Lenders […]

Rates Fall to 2017 Lows After Jobs Report

Mortgage rates moved convincingly lower today following weaker-than-expected employment data from the Labor Department. The big “jobs report” showed only 138k new nonfarm payrolls (the report’s headline job creation metric) in May, and a negatively revised 174k in April (down from 211k). March was revised lower as well, painting a suddenly gloomier picture relative to […]

Rates Respond to Political Scandal by Plummeting to 2017 Lows

Mortgage rates surged significantly lower today, as a part of a broad-based market movement following a political scandal that began taking shape yesterday afternoon. You can choose your preferred media outlet to digest all of the details, but the issue surrounds communications between Trump, former FBI Director Comey, and the potential for the details of […]

Mortgage Rates Fighting to Stay Near 2017 Lows

Mortgage rates moved lower today, following a policy announcement from the European Central Bank (ECB). Some investors were concerned the ECB might begin sprinkling in clues about rate hikes or an early end to bond buying programs, but there was no such drama in the announcement or the press conference that followed. If you’re not […]

Mortgage Rates Fairly Steady Near 2017 Lows

For the third day in a row, mortgage rates set new 2017 lows this morning. But as bond markets weakened into the afternoon, several lenders recalled rate sheets for “negative reprices.” This brought the afternoon’s rate sheet offerings back in line with those seen on Thursday afternoon. Although that’s slightly worse than this morning, rates […]

Rates Push 2017 Lows For 3rd Straight Day

Mortgage rates set new 2017 lows for the third straight day today, although only in terms of “effective rates” (which take upfront costs into account). “Note rates” (which simply refer to the rate applied to one’s loan balance) are unchanged from yesterday, with most lenders continuing to quote 4.0% for top tier conventional 30yr fixed […]

Rates Move Deeper Into 2017 Lows After Trump Comments

Mortgage rates continued lower today, bringing them even deeper into new lows for 2017. Bond markets (which underlie rate movement) were already doing just fine this morning, but got a boost from Trump’s comments on the strength of the US Dollar in the afternoon. Specifically, Trump said the dollar is “too strong.” The implication is […]

Mortgage Rates Hit New 2017 Lows

Mortgage rates moved lower today–significantly in some cases–with the average lender making it back to 2017’s lows for the first time since January. Rates came close to 2017’s lows in late February and again last week before officially crossing the line today. Bond markets (which drive mortgage rates) benefited from investors seeking safe haven after […]