Rates Catch a Break; Mortgage Prepays Ramping Up Quickly; Investors Pricing Out First-Time Buyers?

Mortgage rates were generally flat today, depending on the lender. Some were noticeably better while others were a hair worse. In both cases, rates are very close to the lowest levels since late 2016. Changes from Friday would most likely be measured in terms of upfront costs as opposed to differences in the quoted “note rate” itself (the rate most people are talking about when they talk about mortgage rates). Upfront costs simply allow for smaller fine-tuning adjustments when the market doesn’t move enough for lenders to change rate quotes by the customary 0.125%. Holding steady today is a major victory given the landscape at the end of last week. At the time, the underlying bond market (which dictates rates) was in the process of bouncing back into weaker territory following a stronger reaction

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