Mortgage Steady at Recent Highs

Mortgage rates were roughly unchanged today for the average lender as underlying bond markets finally calmed down.  Over the past few days, bond yields have been rising quickly, effectively correcting from the lowest levels in more than 3 years.  The same is true for mortgage rates with the average conventional 30yr fixed quote hitting 1-month highs yesterday and holding in the same territory today.
One school of thought behind the recent rate drama is that the bond market is apprehensive about upcoming central bank policy announcements, both from Europe (ECB) and the US (the Fed).  The ECB announcement is tomorrow morning, so it could make some sense to see bonds level-off in advance of the first central bank flashpoint.  This means there’s high potential for volatility tomorrow, but the Fed announcement won’t happen until next Wednesday afternoon….(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