Mortgage Rates Stuck in a Summertime Rut (For Now)

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Posted To: Mortgage Rate Watch

Mortgage rates were flat for the 3rd straight day today, keeping them in a holding pattern just slightly below the highest levels in years. This has been the case for more than a month now, with the exception a brief glimmer of hope at the end of May. The late May improvement was driven by political risks in Europe (Italian government drama threatening to put the country on a path toward exiting the Eurozone). Such flare-ups are among the economically negative/risky events required if we’re to see any sustainable improvement in rates. The most recent source of inspiration (or at least, a source of resilience) for rates is the threat of a full-blown trade war and the probable bear market in stocks that goes with it. Yesterday, we talked about the conventional wisdom not being quite right when…(read more)

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