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Mortgage Rates Modestly Higher Ahead of Trump Speech

by Trevor Sines
Mortgage rates moved higher today in most cases, but not by much.  More interesting is the fact that rates held their ground as well as they did considering several strong economic reports this morning.  Strong economic data typically leads investors to sell bonds, which in turn results in lower bond prices and higher rates. This morning's dynamic was quite different.  While the stronger economic data was briefly acknowledged with some temporary weakness in bonds, the broader trend remained favorable.  Bonds actually improved a bit heading into the afternoon. ...(read more) Forward this article via email:  Send a copy of this story to someone you […]

Mortgage Rates Slightly Higher

by Trevor Sines
Mortgage rates moved slightly higher after a strong run to the lowest levels of the year as of last Friday.  In general, financial markets moved toward safer investments (like bonds) heading into the weekend.  When demand for bonds increases, rates move lower.  As the new week got underway, market participants warmed back up to the notion of risk, thus undoing some of the positivity from late last week. Investors are curious to hear what President Trump has to say at his "address of the joint session" tomorrow night, especially after today's promise that there would be big announcements on infrastructure spending.  Markets have […]

Mortgage Rates in Line With 2017 Lows

by Trevor Sines
Mortgage rates moved lower for 3rd straight day (and the 5th time in the past 6 days).  That makes this the best winning streak of the year and it brings rates to the lowest levels of the year (matching February 8th and a few days in early January).  From here, you'd have to go back to mid-November 2016 to see appreciably lower rates. All that having been said, the range over that time has been fairly narrow--4.125%-4.375% for top tier conventional 30yr fixed rate quotes.  Naturally, today's average lender is at 4.125% although some of the more aggressive lenders are indeed down to […]

Mortgage Rates Match 2-Week Lows

by Trevor Sines
Mortgage rates moved lower for the 4th time in 5 days today, bringing them to their lowest levels since February 9th.  The caveat to any discussion of rate "movement," however, is that the changes have been so small that they can really only be measured in terms of closing costs.   In other words, most borrowers will have seen the same NOTE rate (aka "contract rate," which is simply the interest rate applied to your loan balance).  Contract rates are typically offered in eighth point increments (.125, .25, .375, etc).  "Effective rates," on the other hand, take the upfront costs into consideration.  These […]

Mortgage Rates Slightly Lower After Fed Minutes

by Trevor Sines
Mortgage rates began the day decidedly lower than yesterday, but most lenders ended up revising rates higher in the mid-morning hours due to bond market weakness.  Investors remained on edge heading into the release of the Minutes from the Fed's most recent meeting.   Markets were generally prepared for the Fed Minutes to support recent Fed comments regarding faster rate hikes and a reduction the Fed's balance sheet.  By continuing to reinvest proceeds from its balance sheet, the Fed is helping to keep mortgage rates much lower than they otherwise would be. ...(read more) Forward this article via email:  Send a copy […]

Mortgage Rates Inch Higher Ahead of Fed Minutes

by Trevor Sines
Mortgage rates were just slightly higher today, leaving them roughly in the center of a range that's persisted since mid-November.  During that time the average top-tier conventional 30yr fixed rate has been briefly as high as 4.5% and as low as 4.0%.  Those are the exceptions.  The range has predominantly been a narrower 4.125-4.375%.  The average lender is quoting 4.25% today, though there are a few offering 4.125%.   The outright numbers are less important here.  They can vary quite a bit based on multiple variables.  The fact that rates have been sideways for so long is more relevant.  In fact, rates […]

Mortgage Rates Slightly Lower to End Week

by Trevor Sines
Mortgage rates moved lower for a 2nd straight day.  This helps undo virtually all of the damage done by the first 3 days of the week.  In other words, today's rates are right in line with last Friday's after having been noticeably higher for the past 4 days.  There were no significant economic reports or market-moving headlines today as markets were instead focused on limiting their exposure to volatility over the upcoming 3-day weekend.  On that note, keep in mind that banks and most mortgage lenders will be closed on Monday for the Presidents Day holiday. ...(read more) Forward this article via […]

Mortgage Rates Finally Find Some Traction

by Trevor Sines
After spending the past 5 business days moving higher, mortgage rates finally found their footing today.  The improvement came in phases, with today's first round of rate sheets only marginally better than yesterday's.  Bond markets (which underlie rate movement) surged into stronger territory around 11am as investors pared risk during Trump's press conference.  This allowed most lenders to "reprice," meaning they send out revised rate sheets with better terms. From the highest levels in nearly 3 weeks yesterday, today's rates ultimately fell to the lowest levels of the week by the afternoon.  4.25% remains the most prevalent conventional 30yr fixed rate on […]

Mortgage Rates Approach 3-Week Highs

by Trevor Sines
Mortgage rates rose for the 5th day in a row following a higher reading in this morning's inflation data and an upbeat Retail Sales report.  In general, stronger economic data and higher inflation motivate investors to move money out of the bond market.  As demand for bonds falls, bond prices move lower and rates move higher.   Today's increase brings mortgage rates close to their highest level in 3 weeks.  You'd have to go back to January 25th to see worse.  That said, "worse" is a relative term.  Both then and now, a top tier scenario would result in a conventional 30yr […]

Losing Streak Continues for Mortgage Rates

by Trevor Sines
Mortgage rates moved higher for the 4th straight day today, following Fed Chair Janet Yellen's congressional testimony.  It wasn't that Yellen's speech or Q&A contained any major surprises.  Rather, bond markets (which dictate rates) were simply looking for some indication of "sooner vs later" with respect to the Fed's next rate hike.  Her comments were generally more in line with "sooner."  Bond markets responded by quickly trading rates to higher levels, resulting in multiple "negative reprices" for mortgage lenders this morning. ...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to […]