Mortgage Rates Stay Steady, Waiting For a Sign

Mortgage rates were sideways to slightly higher today, prolonging a 3-day trend of exceptionally light volatility.  The 5 days before that (beginning on Wednesday, October 3rd) were completely different, with a huge move higher at first followed by a moderate recovery at the beginning of last week. That recovery largely followed the stock market weakness.
Stocks and rates don’t always move in the same direction, but when stocks fall as quickly as they did last week, rates usually benefit.  After such moves level-off, rates tend to wait for stocks to see if there will be an aftershock or a big bounce.  For now, it doesn’t look like stocks have made up their mind yet, as they too have continued in a largely sideways pattern during the last 3 trading sessions….(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