Posted To: Mortgage Rate Watch
Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It’s nothing too scandalous–or even terribly interesting. Lenders are simply less eager to follow every little juke and head-fake in bond markets when things have been so flat in the bigger picture. The summertime phenomenon only adds to the apathy. The net effect is that lenders often find themselves with the need to adjust prices based on bond market movement in the previous business day. In the current case, that means lenders are getting caught up with Friday afternoon’s bond market improvement, thus allowing for lower rates on a day where bonds are technically weaker. The coming days bring…(read more)
Via:: Mortgage Rates Modestly Lower Despite Flat Markets
