Mortgage Rates in a Holding Pattern

Mortgage rates were slightly higher today, marking the 6th day in a row where they’ve reversed course versus the previous day.  This is the sort of behavior we see when underlying financial markets are having a hard time making up their mind (or are simply waiting for something before committing to the next big move).
In the case of mortgage rates, the underlying financial market is the bond market.  There are specific bonds that most directly affect mortgage rates, but they are almost always moving in the same direction as other bonds anyway.  That allows us to use something like the 10yr Treasury yield to keep an eye on interest rate momentum.  There we see yields locked in an increasingly narrow range since the beginning of the year….(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