Mortgage Rates Continue to Plummet

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Posted To: Mortgage Rate Watch

Mortgage rates dropped quickly again today, easily hitting the lowest levels since late 2017 for the average lender. The move comes in response to a surge in volatility and perhaps even a wave of panic in financial markets. Stocks have fallen somewhat swiftly as trade tensions increasingly look like an ongoing narrative as opposed to a temporary issue. The bigger story, however, is in the bond market (which is directly responsible for most interest rates, including mortgages). Relative to stocks, bonds have been undergoing a much bigger move as the market attempt to reprice its expectations for Fed rate cuts. Yes, that’s CUTS with a “C” now. Up until the past few days and weeks, you were just as likely to hear about potential “hikes.” But all that seems to have gone out the window, and quickly…(read more)

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