Saturday , 23 January 2021

Mortgage Rates Bounce Slightly Higher off Long-Term Lows

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates pulled back to slightly higher levels today as broader markets underwent a correction from relatively frenzied movement over the past few days. Yesterday we discussed how mortgage rates have a hard time keeping pace with interest rate benchmarks (like Treasuries) when the latter are moving lower much more quickly than normal. The other side of that coin is that mortgages tend to hold their ground better when those benchmarks are moving quickly in the opposite direction. That’s what happened today. The net effect was a moderately weaker day that left 3.625% intact as the most prevalently-quoted conforming 30yr fixed rate for top-tier scenarios. As of yesterday, 3.5% had been gaining some ground, but lost just as much today. Also worth keeping in mind is the fact that volatility…(read more)

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