Saturday , 16 January 2021

Mortgage Rates Reluctantly Benefit From Overseas Drama

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates continued relentlessly lower today, but they did so under protest. In fact, the amount of improvement on some lenders’ rate sheets relative to the amount of improvement seen in Mortgage-Backed-Securities (MBS, which dictate mortgage rate levels more than anything else) is downright apalling. Moving one more degree of separation toward the epicenter of today’s market drama and we also see that MBS themselves severely lagged more central sectors of the bond market like US Treasuries. First of all, these symptoms are normal for today’s type of illness. It’s just that days like today aren’t very common . Reason being, there was a truly unexpected bombshell out overnight regarding the Swiss Central Bank. The trading relationship between Swiss Francs and Euros was the epicenter of…(read more)

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