Purchase Apps Highest Since January; Mortgage Rates Hold Steady

Mortgage rates managed to stay sideways today after beginning the week with a move higher yesterday. This is a victory all things considered. Rates take guidance from multiple sources. When it comes to mortgages, the prices of mortgage-backed bonds are the key ingredients in determining rates. While other factors had a massively outsized impact during the market volatility in March and April, mortgage rates have returned to their normal habit of following bond market cues. If mortgages are taking cues from the broader bond market, where is the bond market getting its cues? In the past few weeks, bonds are just as likely to be watching the stock market for guidance as anything else. This is fairly logical considering both stocks and bonds have a stake in the nation’s economic recovery and the

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