Mortgage Rates Fairly Steady Near Recent Lows

Last week fired warning shots across the bow of April’s mortgage rate rally.  New month, new momentum?  No, not just yet. 
In fact, we haven’t seen much of anything so far this month.  Last week’s initial threat of rising rates quickly gave way to a move back in the other direction, but not a big enough move to suggest any major changes for mortgage lenders. 
In yesterday’s case, rates benefited from weaker economic data in the morning. In today’s case, it was a bond-friendly move at the expense stocks this morning.  Stocks began losing ground due to earnings data before the bell and continued lower at the 9:30am NYSE open.  Bonds don’t always follow stocks, but today they did.  In other words, bond yields fell in concert with stock prices.  Lower bond yields equate to lower mortgage rates, all other things being equal. …(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