Much Calmer Day For Mortgage Rates

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Posted To: Mortgage Rate Watch

Mortgage rates held steady today–a welcome development after yesterday’s move higher. In the bigger picture, rates have done an acceptable job of moving back down after spiking at the fastest one-week pace in years 2 weeks ago. The entirety of last week was spent moving lower. Now this week’s theme seems to be best described as holding steady. To quantify the timeline described above, the big spike in rates earlier this month took the average lender .375% to .50% higher in rate from the long term lows seen at the beginning of the month. Last week’s improvements have only allowed lenders to drop rates by about .125% from those recent highs. The bond market (which dictates rates) is on the lookout for cues from two key sources at the moment. On the one hand , unscheduled, unexpected headlines…(read more)

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