Mortgage Rates Fall to 2-Week Lows

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today as stock markets tumbled. The weakness in stocks was led by the European banking sector with several big names falling roughly 8 percent! Although mortgage rates in the US are by no means a factor of European stock prices, nothing too big happens in global financial markets without its effects being felt elsewhere. Today’s stock weakness was big enough that investors sought safer havens, which typically include the US bond market. As money comes into the bond market, investors are willing to pay more for debt, such as the kind that’s created by pools of mortgages. Lenders are then able to offer lower mortgage rates. All that to say that mortgage rates fell to their lowest levels in about 2 weeks today. It wasn’t a big move versus yesterday as rates were…(read more)

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