Mortgage rates moved lower every week for the past 3 weeks. They covered a respectable amount of ground during that time and ultimately erased most of September’s damage by Friday afternoon.
In outright terms, September’s weakness pushed the average 30yr fixed rate quote roughly 3/8ths of a percentage point (.375%) higher. The past 3 weeks have helped to claw back roughly 0.25% of that.
Because of that relatively decent and relatively sustained winning streak, there’s a risk that rates will hesitate to make any further improvements this week. Today’s modest weakness serves as a softly-worded warning to that effect, but we’d need to see several more days of higher rates in order to confirm that sort of upward momentum. As of today, it’s a risk to keep an eye on.
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Source: mortgagenewsdaily.comNew feed