Big Week Ahead For Mortgage Rates

Mortgage rates edged just slightly higher today for the average lender, marking the 2nd day of weakness this week.  In terms of the underlying bond market, however, today was purely an extension of yesterday’s trading patterns that began shortly after rates rose in response to the press conference with European Central Bank (ECB) President Mario Draghi.
When we talk about “rates” rising in response to Draghi, it can mean one of two things.  As far as the average mortgage borrower is concerned, it can refer to the generally higher mortgage rates yesterday.  But “rates” can also refer to the yields on various bonds that trade throughout the day.  Whereas mortgage rates might only be adjusted a few times per day at the most (and typically not at all), bonds are moving hundreds to thousands of times a day, depending on the bond.  …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed