Mortgage Rates Modestly Lower, But Hoping For More

At this point, no one should be surprised to hear that mortgage rates have moved significantly higher in 2021–especially in the past few weeks.  There are several reasons for this, but the easiest way to make sense of it all is to say “rates were ultra low when covid was at its worst and they’ve been rising as covid-related risks have been receding.”  To be sure, there are many other contributing factors, but most of them can be linked right back to the covid narrative.
Taking the big, scary rate spike as read, let’s move on to wondering about what happens next.  All too often in the past 2-3 weeks, there’s been a glimmer of hope in the bond market (which dictates day-to-day mortgage rate changes) only for things to get even worse in short order.  We’ve reached another one of those “glimmer of hope” moments now as rates have managed to avoid slipping above their highest levels in more than a year seen last Friday. …(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