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Mortgage Rates Steady, Depending on Lender

by Trevor Sines
Compared to yesterday, today's mortgage rates are a moving target depending on the lender.  Some are better.  Some are worse.  On average, rates are unchanged from yesterday's latest rate sheets.  The variability has to do with yesterday's fairly sharp losses in bond markets (which dictate rates).   Lenders respond to that type of weakness in different ways.  Some of them adjusted rate sheets aggressively yesterday.  Those lenders are less likely to be showing higher rates today (because they already accounted for the market movement yesterday). ...(read more) Forward this article via email:  Send a copy of this story to someone you know that may [...]

After Hitting 1-Month Lows, Rates Bounce Abruptly Higher

by Trevor Sines
Just one day after hitting the lowest levels in more than a month, mortgage rates bounced higher today.  For all intents and purposes, rates fell on Monday morning as the weekend produced no meaningful updates on the recent healthcare bill.  Now today, Speaker Ryan and several unnamed sources have confirmed that the bill remains a priority for the House and they want to "get it right" without putting a timeline on it.  That means Monday's rate improvements no longer have the same justification.  As such, rates shot quickly back into last week's range. ...(read more) Forward this article via email:  Send a copy [...]

Mortgage Rates Lowest in More Than a Month

by Trevor Sines
Mortgage rates improved today, hitting the lowest levels in more than a month.  Bond markets (which underlie mortgage rates) generally improved last week as the new administration's ability to get policy changes through Congress was called into question by the breakdown of the new healthcare bill.  As of last week, there was some hope that debate would resume this week and that the bill wasn't completely dead.  As the weekend passed without meaningful updates, markets increasingly assumed failure. One of the primary functions of government and mortgage-backed bond markets is to serve as a "risk-free" investment.  It might seem strange to [...]

Mortgage Rates in Holding Pattern Until Healthcare Vote

by Trevor Sines
While some lenders were slightly better or worse versus yesterday, mortgage rates were unchanged on average today.  This isn't much of surprise considering yesterday's much-anticipated healthcare vote never happened.  It's rumored to occur this afternoon, but markets won't have much time to react before closing for the weekend.  If you need to get caught up with the healtchare news and the mortgage rate implications, check out yesterday's article. The bottom line of all this political drama is that it's not about healthcare!  ...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want [...]

Mortgage Rates Stumble as Political Uncertainty Weighs

by Trevor Sines
Mortgage rates were slightly higher for the first time in 8 days as markets braced for the impact of political developments.  The big issue of the day was (and still is) the healthcare bill set to be debated in the House of Representatives tonight.   In general, if the bill is passed, investors will be more keen to believe in the viability of other legislation more germane to financial markets (like tax cuts, other stimulus, and regulatory reform).  Those "other" policy points were key reasons for the sharp move higher in rates at the end of 2016.  If confidence increases, it [...]

Mortgage Rates Slightly Lower, but Volatility Looms

by Trevor Sines
Mortgage rates were lower for the 7th day in a row today, further extending their push into the lowest levels of the month.  At first, that positive movement was driven by relief that the Fed's rate hike outlook didn't accelerate as much as investors expected.  That motivation ran its course by the end of last week. Since then, political uncertainty has been a hot button, with widespread doubt surrounding the new administration's ability to pass the new health care bill.  There have been several other contributing factors driving political uncertainty, but Thursday night's health care vote is a focal point.  Most media reports [...]

Mortgage Rates Down to March Lows

by Trevor Sines
Mortgage rates continued lower today as political uncertainty sparked the biggest day of stock market losses since the election.   In general, short term pain for stocks benefits bonds.  When demand for bonds increases, rates move lower.  Today was no exception.  Bond yields (which correlate with mortgage rates) fell in lock-step with stocks in the late morning hours. Today's improvement makes for a nice addition to several days of lower rates.  In less than a week, rates have fallen quickly from 3 year highs to the lowest levels of the month.  The average lender is still quoting conventional 30yr fixed rates of [...]

Mortgage Rates at 2 Week Lows Amid Political Uncertainty

by Trevor Sines
Mortgage rates were steady-to-slightly lower today, keeping them in line with the lowest levels in 2 weeks and very close to the lowest levels of the month.  For most lenders, that means conventional 30yr fixed rate quotes of 4.25% on top tier scenarios.  Some lenders are still up at 4.375% and an aggressive few are back down to 4.125%. Last week, we discussed the motivations for the rate improvements in detail.  To recap: longer-term rates like mortgages had already risen in anticipation of the Fed rate hike.  It wasn't a surprise.  Instead, markets were focused on the Fed's forward-looking rate hike [...]

Mortgage Rates Steady to Slightly Lower

by Trevor Sines
Mortgage rates managed to maintain the improvement seen since Wednesday's Fed announcement.  While the Fed did indeed hike its policy rate, the hike was widely expected and had already been accounted for in longer-term bond markets (like those that dictate mortgage rates).  The easiest way to understand this is to consider that most bond market securities (like Treasuries and Mortgage-Backed-Securities) can move/change every millisecond of every business day.   The Fed Funds rates, on the other hand, only changes/moves at the end of scheduled Fed meetings 8 times a year.  If bond markets are reasonably confident the Fed is going to [...]

Mortgage Rates are Actually NOT at 2017 Highs

by Trevor Sines
Mortgage rates are right in line with yesterday's levels, and yesterday saw rates fall at the fastest pace of the year, ultimately reaching the lowest levels in more than a week.  As such, today's rates are still the lowest in more than a week!  You might not know that if you happened to hear about rates today from a big media outlet.  Most are reporting the "highest rates of 2017."  Here's why that's happening. Freddie Mac publishes a weekly survey that's generally regarded as the final word in long-term mortgage rate tracking.  If you were only interested in long-term trends in rates, the [...]