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Mortgage Rates Side-Step Into Holiday Weekend
While this week’s rates were substantially higher than most of last week’s, if we remove a few flashes of volatility, the average lender stayed very close to Monday morning’s levels. Wednesday afternoon and Thursday mid-day definitely saw multiple negative reprices, but in each case, the bond market recovered enough to limit the volatility. Compared to last week, it may as well have been a flat line.
The following chart shows the mortgage backed securities (MBS) prices that directly dictate mortgage rate movement. Higher prices = lower rates and vice versa.
Today’s economic data included a wholesale inflation report that has occasionally caused some volatility, but today’s installment was not one of them. The bond market improved a bit heading into the afternoon and traded calmly from there. As such, mortgage lenders were not compelled to make any negative mid-day changes after setting this morning’s rates very close to yesterday’s latest levels.
The next time lenders have a chance to set mortgage rates for the day will be Tuesday due to the market closure on Monday for Columbus -Indigenous Peoples’ Day.
To Lean more and for a Free Mortgage Analysis please phone Dan direct at 866-310-1112.
