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Mortgage Rates Improve as Lenders Catch up With Yesterday's Gains

by Trevor Sines
Mortgage ratesfell todaydespite relatively uneventful movement in underlying bond markets (which drive day to day changes in rates). The net improvement can be explained by the timing of yesterday's improvement. Simply put, bonds improved late in the day (following the 2pm release of the Fed Minutes). That market improvement was too late in the day for some lenders to reissue rate sheets. Lenders who DID improve yesterday afternoon nonetheless held back just a bit, as it's customary to make sure late day market gains stick around the following morning before fully adjusting rate sheets to reflect the gains. ...(read more) […]

Upward Mortgage Rate Momentum Pauses After Fed

by Trevor Sines
Mortgage ratesmoved moderately higher this morning, beginning the day at the highest levels in roughly 2 weeks. Afternoon events helped underlying bond markets bounce back, however, resulting in several lenders issuing positive reprices. This means that some lenders are in slightly better shape vs yesterday while others remain in worse shape. All things being equal, any lender who did not adjust rate sheets this afternoon would have incentive to offer bigger improvements tomorrow morning. The key consideration for interest rates was today's release of the Minutes from the most recent Fed meeting. The Minutes provide a more detailed account of […]

Mortgage Rates Remain Under Pressure

by Trevor Sines
Mortgage rates began the day in decent shape with the average lender roughly unchanged versus yesterday.  As the day progressed, bond markets (which dictate rates) weakened.  Most lenders were forced to reissue slightly higher rates in the afternoon.  Any lenders who didn't raise rates this afternoon will instead have to account for the weakness in tomorrow morning's rate sheets.  In other words, some lenders will be offering higher rates tomorrow morning, even if markets don't move at all between now and then. Over the past few days, it's not only been easy, but downright logical to dismiss mortgage rate movement as being […]

Low and Sideways, Mortgage Rates Play Waiting Game

by Trevor Sines
Mortgage rates were slightly higher for the 3rd straight day, continuing a modest bounce back from the year's lowest rates last Wednesday.  In a nutshell, bond markets (which dictate mortgage rates) reacted in a big way to last week's political headlines, and have since been biding their time as markets wait for further developments.  In the current case, "biding time" has meant a nominal pull-back from Wednesday's stellar levels--not uncommon in similar cases where unexpected headlines drive a somewhat panicked move in financial markets. ...(read more) Forward this article via email:  Send a copy of this story to someone you know that may […]

Mortgage Rates Higher, Volatility Looms

by Trevor Sines
Mortgage rates continued higher for the 2nd straight day after hitting the lowest levels in more than 7 months earlier this week.  Wednesday's big move lower was a direct result of political headlines relating to potential wrongdoing in communications between Trump and former FBI Director Comey concerning the FBI's investigation into former National Security Advisor Flynn's communication with Russia.  Specifically, financial markets perked up when a story broke suggesting that the House Oversight Committee could easily demand these records.  The most widely-discussed implication (assuming wrongdoing were to be confirmed) was potential impeachment.  Several lawmakers went so far as to make promises to […]

Mortgage Rates Rise Gently From 7-Month Lows

by Trevor Sines
Financial markets are still reeling from political headlines that first began circulating on Tuesday afternoon. While stock markets made a reasonable attempt to retrace yesterday's big move lower, bond markets weren't as interested. Fortunately, that means mortgage rates moved modestly higher, leaving them fairly close to yesterday's 7-month lows.     On Tuesday morning, well-priced lenders were quoting conventional 30yr fixed rates of 4.0-4.125% on top tier scenarios.  Over the past 2 days, the same scenarios were in the 3.875-4.0% range.  An eighth of a percentage point is a big move for mortgage rates--especially in 2017 when the range hasn't been very […]

Rates Respond to Political Scandal by Plummeting to 2017 Lows

by Trevor Sines
Mortgage rates surged significantly lower today, as a part of a broad-based market movement following a political scandal that began taking shape yesterday afternoon.  You can choose your preferred media outlet to digest all of the details, but the issue surrounds communications between Trump, former FBI Director Comey, and the potential for the details of those communications to be demanded by House Oversight Chair Chaffetz.  The most scandalous and sensational endgame to all of this would be potential impeachment--a fact you couldn't help but hear or see if you heard or saw any news anywhere today.   ...(read more) Forward this […]

Mortgage Rates Back at 2-Week Lows

by Trevor Sines
Compared to yesterday, mortgage rates are either a little bit higher or lower depending on the lender at the moment.  On average, they've inched just past last Friday's levels, meaning they're the lowest in 2 weeks. As nice as that sounds, it's worth noting that we're really splitting hairs here.  Most anyone pricing out a mortgage right now won't see any difference in their rate quote over the past few days.  The biggest drop occurred last Friday and we haven't seen appreciable movement since then.   Most lenders continue to quote conventional 30yr fixed rates in a range of 4.0-4.25% for […]

Mortgage Rates Mostly Hold Last Week's Gains

by Trevor Sines
Mortgage rates were steady to slightly higher today, largely maintaining the improvements seen last week.  Underlying financial markets were calm and very few lenders adjusted rate sheets during the day. Last week's gains happened all at once on Friday.  They fully erased an entire week's worth of rising rates.  That said, most of the movement in recent weeks has occurred in a very narrow range overall.  The average borrower will have seen a quarter of a percentage point of movement at the most. When rates fell last Friday, we were looking to the current week in order to confirm the potential […]

Rates Surge Lower After Downbeat Economic Data

by Trevor Sines
Most of the movement in mortgage rates had been slow, steady, and generally unfriendly in recent weeks.  Today was a stark exception as rates surged significantly lower (relative to their recent range) following weaker-than-expected economic data. Weak economic data tends to help rates move lower, and this morning's reports were the most important of the week (Retail Sales and Consumer Prices).  The reaction to the data was swift because investors were waiting to see if it would confirm fears about the direction of rates earlier in the week.  Not only did the data fail to confirm the fears, it suggested a completely […]