Mortgage rates managed to hold on to the improvements seen yesterday. This was far from a certainty yesterday afternoon as the underlying bond market had ebbed into weaker territory after hitting much stronger levels earlier in the day. The timing was such that most lenders simply waited for this morning to adjust rate sheets in a modestly unfriendly direction.
But that likelihood depended on the bond market remaining at yesterday afternoon’s levels. It didn’t.
As the day progressed, bonds improved. The biggest jump followed weaker economic data in the form of the Consumer Confidence report at 10am ET. Bonds continued to benefit from investors seeking safe havens as the stock market moved lower at its fastest pace in a month.
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Source: mortgagenewsdaily.comNew feed