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Rates Move Deeper Into 2017 Lows After Trump Comments

by Trevor Sines
Mortgage rates continued lower today, bringing them even deeper into new lows for 2017.  Bond markets (which underlie rate movement) were already doing just fine this morning, but got a boost from Trump's comments on the strength of the US Dollar in the afternoon.  Specifically, Trump said the dollar is "too strong."  The implication is that the administration will do what it can to promote a weaker dollar, and such efforts are seen simultaneously putting downward pressure on rates. Whereas lenders were more evenly split between 4.0% and 4.125% yesterday, the former now enjoys a small majority.  That means that 4.0% is now the [...]

Mortgage Rates Hit New 2017 Lows

by Trevor Sines
Mortgage rates moved lower today--significantly in some cases--with the average lender making it back to 2017's lows for the first time since January.  Rates came close to 2017's lows in late February and again last week before officially crossing the line today.   Bond markets (which drive mortgage rates) benefited from investors seeking safe haven after headlines broke regarding North Korea's nuclear threats against South Korea and The U.S.  Other geopolitical considerations regarding Russia's potential involvement with Syrian gas attacks and the French election added to the bond market gains.  As bonds gain ground, prices rise and rates move lower. ...(read more) [...]

Mortgage Rates Hit New 2017 Lows

by Trevor Sines
Mortgage rates moved lower today--significantly in some cases--with the average lender making it back to 2017's lows for the first time since January.  Rates came close to 2017's lows in late February and again last week before officially crossing the line today.   Bond markets (which drive mortgage rates) benefited from investors seeking safe haven after headlines broke regarding North Korea's nuclear threats against South Korea and The U.S.  Other geopolitical considerations regarding Russia's potential involvement with Syrian gas attacks and the French election added to the bond market gains.  As bonds gain ground, prices rise and rates move lower. ...(read more) [...]

Mortgage Rates Slightly Higher, But Steady Overall

by Trevor Sines
Mortgage rates rose slightly again today, despite moderate improvement in underlying bond markets.  Typically, bond market improvement corresponds to lower rates.  Today was an exception because of the timing of recent volatility.  Friday afternoon saw a sharp deterioration in bond markets (implies rates moving higher), but for many lenders, it was too late in the day to reissue rate sheets.  Those lenders had to wait until this morning to adjust rates higher to account for the bond market movement.  In simpler terms, today's higher rates are merely a delayed reaction to Friday's bond market weakness. ...(read more) Forward this article via email:  Send [...]

Rates Paradoxically Higher After Jobs Report

by Trevor Sines
Mortgage rates rose modestly today, compared to yesterday's latest levels.  Compared to the morning's rate sheets however, the rise was sharper, but even then, we're talking about fairly small movement in the bigger picture.  4.125% is still easily the most prevalent conventional 30yr fixed quote for top tier scenarios, with the only change being in the form of slightly higher upfront cost. It was a volatile day for financial markets with news of air strikes in Syria being the focal point for overnight trading.  Bond markets (which dictate mortgage rates) started the day off in much better shape as a result.  Rates [...]

Rates Steady Near 2017 Lows Ahead of Jobs Report

by Trevor Sines
Mortgage rates remained largely unchanged today, on average.  Once again, there was a fair amount of volatility in bond markets (which dictate rates) during the day, but said volatility was contained in a narrow range that's persisted all week.  In fact, all of this week's bond market movement has taken place inside the highs and lows set on Monday.   There are less pleasant places for bonds/rates to be this indecisive.  Indecision here means that rates continue to operate very close to their lowest levels of the year.  Only a handful of days are better, and not by much.   4.125% remains the most prevalent [...]

Mortgage Rates Unchanged With Help From Fed

by Trevor Sines
Mortgage rates were noticeably higher to begin the day, but most lenders offered mid-day improvements after the release of the hotly-anticipated Fed Minutes (from the March 14-15 meeting).  For those that don't necessarily follow every little movement in the bond market, it's ironic that tend to move down just after the Fed releases big news that should imply higher rates. For example, in the case of the past 3 Fed rate hikes, day-to-day mortgage rates had been moving higher leading up to the hike and then generally moved lower after the hike was announced.  If you've heard the phrase "buy the rumor, [...]

Mortgage Rates Hold Steady in Spite of Markets

by Trevor Sines
Mortgage rates were steady to slightly lower today, even though bond market movement suggested a move higher.  That's interesting because mortgage rates are driven primarily by bond market movement.  It's not common to see the two moving in the opposite direction.  So what gives? In today's case, the discrepancy is pretty easy to explain.  Bonds and rates both improved fairly substantially yesterday.  Bond markets improved a bit more in the afternoon and most lenders didn't have the time or the will to react with rate sheet improvements. ...(read more) Forward this article via email:  Send a copy of this story to someone [...]

Mortgage Rates End Week Little-Changed

by Trevor Sines
Mortgage rate were unchanged to slightly lower today.  Once again, the actual change you see will depend heavily on the lender in question.  Most are fairly close to yesterday's latest levels but a few are noticeably better or worse.  In general, those who deviated from "unchanged" today, did so in a friendly direction.  This was made possible by steady improvements in bond markets throughout the day, resulting in several lenders updating rate sheets in the middle of the day. All that having been said, no matter the direction of the movement, it's all been very small this week.  Few, if any [...]

For Mortgage Rates, Once Again, It Depends

by Trevor Sines
For the third day in a row, day-over-day mortgage rate movement depends heavily on the lender.  That means some lenders will be in noticeably better shape vs their latest offerings from yesterday while others will now be quoting higher rates. At issue is the volatility in bond markets (which dictate mortgage rates).  Moreover, the timing of the volatility over the past 3 days resulted in some lenders making late-day adjustments to rate sheets while others simply waited for the following morning.  If that leads you to think of phrases like "it all comes out in the wash," you have the right idea. [...]