Mortgage Rates Closing in on Multi-Year Lows

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Posted To: Mortgage Rate Watch

Mortgage rates fell nicely this week with modest to moderate gains throughout. As I noted yesterday, this runs counter to the week’s average mortgage rate headline, which claims flat to slightly higher rates versus last week. Those claims aren’t wrong, they just only really apply to Monday and Tuesday of this week versus the same two days last week. With the benefit of more timely mortgage rate info, we see the average lender at the lowest levels in nearly a month, and steadily closing in on the multi-year lows seen during the first few days of September. Rates (and many other parts of the financial market) are intently focused on economic data. Weaker reports on the manufacturing and services sectors helped facilitate most of this week’s drop. Traders will continue reacting to any major reports…(read more)

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