Mortgage Rates Fairly Steady to Begin Week

Mortgage rates were mostly flat again today, despite bond market weakness (lower bond prices generally mean higher rates). Between MBS (the mortgage-backed-securities that underlie mortgage rate movement) and US Treasuries (the risk-free benchmark for all US debt/bonds), the latter fared worse. In other words, mortgage bonds outperformed Treasuries. That’s one of the reasons we didn’t […]

Mortgage Rates Hold Mostly Steady Despite Market Weakness

Mortgage rates were generally unchanged today. This is actually quite an accomplishment if you ask the average bond market participant. Mortgage rates are largely determined by bond market movement (specifically, that of Mortgage-Backed Securities or MBS). In the bigger picture, bond markets weakened today. Normally, that would push mortgage rates higher, but today the damage […]

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 […]

Mortgage Rates Slightly Higher, But Steady Overall

Mortgage rates rose slightly again today, despite moderate improvement in underlying bond markets. Typically, bond market improvement corresponds to lower rates. Today was an exception because of the timing of recent volatility. Friday afternoon saw a sharp deterioration in bond markets (implies rates moving higher), but for many lenders, it was too late in the […]

Rates Steady Near 2017 Lows Ahead of Jobs Report

Mortgage rates remained largely unchanged today, on average. Once again, there was a fair amount of volatility in bond markets (which dictate rates) during the day, but said volatility was contained in a narrow range that’s persisted all week. In fact, all of this week’s bond market movement has taken place inside the highs and […]

Mortgage Rates Hold Steady in Spite of Markets

Mortgage rates were steady to slightly lower today, even though bond market movement suggested a move higher. That’s interesting because mortgage rates are driven primarily by bond market movement. It’s not common to see the two moving in the opposite direction. So what gives? In today’s case, the discrepancy is pretty easy to explain. Bonds […]

Mortgage Rates Steady, Depending on Lender

Compared to yesterday, today’s mortgage rates are a moving target depending on the lender. Some are better. Some are worse. On average, rates are unchanged from yesterday’s latest rate sheets. The variability has to do with yesterday’s fairly sharp losses in bond markets (which dictate rates). Lenders respond to that type of weakness in different […]

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 […]

Rates Steady Despite Strong Jobs Data. Here’s Why…

Mortgage rates held steady today, despite a key report from the Labor Department showing stronger-than-expected job creation in February. Typically, a strong jobs report is bad for rates. This one likely would have been bad as well, but markets got advance notice from another report earlier in the week. Remember Wednesday’s ADP data? It thoroughly […]

Mortgage Rates Staying Steady in New, Lower Range

Mortgage rates were slightly higher today, but remain in much better shape overall when compared to the last month of 2016. In many ways, the new year marked a shifting of gears for rates, or rather, the bond traders whose actions dictate the day-to-day movement. After the election, with its explosive consequences for financial markets, […]