Mortgage Rates Rocked (Relatively) By Tax Plan Optimism

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Posted To: Mortgage Rate Watch

Mortgage rates moved higher today as financial markets grew more optimistic about the potential for tax reform. Late last night, the Senate passed a resolution that included language designed to make tax reform legislation easier to pass. In a nutshell, it means the Senate only needs 51 votes as opposed to 60 when it comes time to consider a tax bill. Stocks like tax reform. They moved quickly higher in futures trading. Bonds (which dictate rates) aren’t too thrilled with the idea for several reasons. They moved quickly lower in price, which equates to upward movement in terms of rates. Despite a fairly abrupt move in underlying trading levels, lenders’ rate sheets weren’t apocalyptically damaged . The average lender continues to quote rates that are roughly similar to those seen on October…(read more)

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