Mortgage Rates Sideways Near 2-Month Lows

Mortgage rates were mixed today, depending on the lender.  On average, rates were unchanged and remained very close to their lowest levels in nearly 2 months.  The bond market (which most directly impacts day-to-day rate movement) was calm.  Both of today’s important economic reports came in weaker than expected, but close enough to forecasts to prevent significant volatility.  Beyond that, questions remain about just how ready the bond market may be to react to economic reports in general (historically one of the quintessential reaction functions in financial markets).  
If bonds aren’t quite ready to link back up with economic data yet, it would be an issue of timing and priorities.  Several Fed speakers reminded us today that we’re still a long way from even being able to assess the post-pandemic economy (one of the reasons they plan to keep rate-friendly policies in place until further notice).  As such, bonds/rates might react to near-term economic data with less enthusiasm than normal. …(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