Wednesday , 23 October 2019

Mortgage Rate Confusion; Homebuying Index Falls From Record Highs; Why Prices Might Rise

Mortgage rates were sharply higher today as the underlying bond market faced heavy selling pressure for a variety of reasons. When investors are more interested in selling bonds, prices move lower and yields (aka RATES) move higher. By the end of the day multiple lenders had recalled their rate sheets and reissued higher rates. The average lender was easily at the highest rates of the month. Despite all of the above, multiple sources claim rates fell significantly this week and are now at the lowest levels since September 12th. Sadly, that’s not true. It’s the product of confusion that often happens on Thursdays when Freddie Mac’s weekly mortgage rate survey is released. The survey mainly reflects lenders’ rate offerings from Monday and Tuesday. Because mortgage rates can also move quite a

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