Trump Administration Drama Pushing Rates Even Lower

Mortgage rates fell yesterday in response to a tweet about Trump disbanding his councils of CEOs. Twitter was in play again today . This time around it was Gary Cohn, Trump’s economic advisor. Rather, it was rumors of Cohn’s departure that sent financial markets into a tail-spin. Terror attacks in Spain may have played a […]

Mortgage Rates Modestly Lower Despite Flat Markets

Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It’s nothing too scandalous–or even terribly interesting. Lenders are simply less eager to follow every little juke and head-fake in bond markets when things […]

Mortgage Rates Steady to Slightly Lower After Fed

Mortgage rates were steady to slightly lower today, despite fairly substantial movement in underlying bond markets. Bond prices ultimately do more to inform mortgage rates than anything else. Prices moved higher today by an amount that would typically result in effective rates falling 0.03-0.05% depending on the lender. But as it stands, the average lender […]

Mortgage Rates Moderately Lower

Mortgage rates fell today, but continue to lagging behind the movements seen in underlying bond markets. Part of that has to do with the timing of bond market swings over the past few days, but lenders also simply want to see markets pick a theme and stick with it. Simply put: trading levels in bonds […]

Mortgage Rates Sideways to Slightly Lower

Mortgage rates have been so little-changed in recent days that yesterday’s coverage wouldn’t need to be changed in order to apply perfectly today. Indeed, the 3rd paragraph is a word-for-word repeat. To be fair though, we would need to update yesterday’s reference to “especially over the past 5 days.” That “5” would now be a […]

Rates Surge Lower After Downbeat Economic Data

Most of the movement in mortgage rates had been slow, steady, and generally unfriendly in recent weeks. Today was a stark exception as rates surged significantly lower (relative to their recent range) following weaker-than-expected economic data. Weak economic data tends to help rates move lower, and this morning’s reports were the most important of the […]

Mortgage Rates Slightly Lower After Jobs Report

Mortgage rates recovered today, moving sideways to slightly lower after losing ground over the past few days. Today’s focal point was the Employment Situation–the big “jobs report” for the month of April. Job creation ended up slightly stronger than expected (211k new jobs created versus a median forecast of 185k). Stronger jobs data typically puts […]

Mortgage Rates Slightly Lower Ahead of Fed

Mortgage rates fell modestly today, but remained well inside the narrow range that’s been intact for more than a week. For most lenders, that means conventional 30yr fixed quotes of 4.0-4.125% on top tier scenarios. Most borrowers will continue to see day-to-day changes in the form of minor adjustment to upfront costs. Narrow ranges in […]

Mortgage Rates Slightly Lower, but Volatility Looms

Mortgage rates were lower for the 7th day in a row today, further extending their push into the lowest levels of the month. At first, that positive movement was driven by relief that the Fed’s rate hike outlook didn’t accelerate as much as investors expected. That motivation ran its course by the end of last […]

Mortgage Rates Steady to Slightly Lower

Mortgage rates managed to maintain the improvement seen since Wednesday’s Fed announcement. While the Fed did indeed hike its policy rate, the hike was widely expected and had already been accounted for in longer-term bond markets (like those that dictate mortgage rates). The easiest way to understand this is to consider that most bond market […]