Mortgage rates were moderately higher today marking the first detectable shift of the week. Many of the market participants who trade the bonds responsible for rate movement had been waiting to see what the European Central Bank (ECB) had to say in its policy announcement today. Although the announcement itself was rate-friendly, traders felt that ECB President Mario Draghi wasn’t rate-friendly enough in the subsequent press conference.
Bonds quickly began losing ground as Draghi spoke early this morning. The weaker levels (which imply higher rates) were already in place by the time most mortgage lenders generate their first rate sheet of the day. As such, most lenders were quoting higher rates right out of the gate.
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Source: mortgagenewsdaily.comNew feed