Mortgage rates increased again today as lenders continued to get caught up with 2 days of bond market weakness. When bonds are weaker, prices are moving lower and yields (aka “rates”) are moving higher. Rates have been rising in general for almost the entire month October after taking a another run at long-term lows. The previous attempt (a successful one) saw rates hit the lowest levels in more than 3 years at the beginning of September.
With the early October lows representing a modest increase from the early September lows, there’s a risk that a bigger-picture shift is taking place. Simply put, the long-term trend of falling rates that began roughly 1 year ago could be in the process of shifting toward a trend of rising rates.
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Source: mortgagenewsdaily.comNew feed