Saturday , 23 January 2021

Mortgage Rates Recover Tiny Portion of Friday’s Losses

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates managed to recover only some of Friday’s heavy losses. The most prevalent conventional 30yr rate for top tier scenarios remains at its new perch of 4.0%, though a few lenders remain at 3.875%. That means that most borrowers will see today’s improvement in the form of slightly lower closing costs for the same rates quoted on Friday. The bond market (which includes the mortgage-backed-securities that most directly affect mortgage rates) were completely quiet today. There were no banner events helping rates recover–merely an incidental drift, backing away from Friday’s extremes. Some help may have come from strength in overseas bond markets as the European Central Bank officially began its new bond buying campaign today. That said, it still seemed that US bond markets were in their…(read more)

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