Mortgage rate movement was fairly uneventful last week. The bond market (which is most directly responsible for driving day-to-day changes in mortgages rates) was focused on consolidating, meaning the gaps between lows and highs were getting smaller and smaller. At the same time, there wasn’t significant movement in the average trading prices of the bonds that underlie mortgages. In other words, rates were mostly sideways for much of the week.
Over the past few business days, the sideways momentum gradually began to give way to modest improvements. Lenders have been slow to adjust their rate sheet offerings, but as of today, the average lender is back in line with its lowest rates since September 9th. More than a few lenders offered mid-day improvements today. Those who didn’t will be able to catch up tomorrow morning, as long as the underlying bond market hasn’t moved too much by then.
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Source: mortgagenewsdaily.comNew feed
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