Mortgage Rates Move Higher Again

Mortgage rates moved higher again today thus keeping them well within the sideways range that’s been in place for the past 2 months.  Omicron-related news continues having an impact on the bond market.  At first, uncertainty surrounding the new variant drove demand for bonds.  Higher demand means higher prices and lower yields (aka “rates”). 
This week, the theme has been different.  While plenty of uncertainty remains, there are more headlines regarding “lower severity” of covid symptoms in omicron cases.  Investors have rushed back into the stock market as a result, and bonds have suffered.  Fortunately, the bonds that specifically underlie mortgages have taken less damage than US Treasuries–largely because they didn’t experience as much benefit last week.  Nonetheless, rates are modestly higher versus yesterday’s latest levels.  …(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