Mortgage rates were flat to slightly higher today after dropping at fairly quick pace last week. In fact, if we’re only examining one-day changes in rates, Thursday’s drop was the quickest drop in months! That may sound slightly more impressive than it is, however. In terms of hard numbers, we’re talking about roughly $22/month on a $300k loan.
Most of those savings are still intact today, but the risk of volatility remains. Tomorrow brings an important economic report on the services sector (one that has resulted in bond market movement more often than not in 2019). If the numbers are stronger than expected, rates could move higher more quickly. The exact opposite is typically true if the report were to come in weaker than expected, but it could take a few extra days to pan out this week due to the Treasury auction calendar. Specifically, there are Treasury auctions on each of the next 3 days. This is a normal, scheduled affair, but traders can be more tentative in the middle of such auction cycles.
…(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