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Mortgage Rates Fairly Steady Despite Underlying Weakness

Mortgage rates didn’t move much today, on average, even though underlying bond markets suggested a move higher.  We talked about the stock/bond relationship being fairly well intact yesterday, and the same was true today.  In other words, bonds (“rates”) were ready to move lower in the event that stock losses accelerated.
In today’s case, stocks moved somewhat higher, and bond markets didn’t like that.  Fortunately for rates, the stock gains were minimal today.  If that changes in the coming days, rates could come under additional pressure.  Given that rates are in line with their best levels in nearly 2 months, and the risk that stocks are finding a floor here, this looks like a good tactical opportunity to lock as opposed to float in the short-term.  Longer-term, things are a bit less clear as a case could still be made for rates carving out a broader ceiling based on February’s highs….(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

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