Mortgage rates are driven by movement in the bond market and...
Mortgage rates are driven by movement in the bond market and bonds take cues from economic data, among other things. The monthly jobs report is routinely the most closely watched economic report as far as bonds are concerned and Friday's caused a significant amount of bond buying (which, in turn, pushes rates down). Friday's reaction was so big that the average mortgage lender didn't fully adjust their rate offerings to match the market movement. This is typical of very large swings in bonds. It also meant that we merely needed today's bond market levels to hold steady in order for rates to continue lower and that's exactly what happened. In fact, bonds ultimately improved just a hair, but even before that, mortgage lenders were out with their lowest rates since early October. [thirtyyearmortgagerates]
Mortgage rates are driven by movement in the bond market and bonds take cues from economic data, among other things. The monthly jobs report is routinely the most closely watched economic report as far as bonds are concerned and Friday's caused a sig... (read more)
The new week is less interesting than the previous week in terms of scheduled events with the only top tier data being Tuesday's ISM Non Manufacturing PMI. In addition, the Treasury auction cycle may be a bit more interesting than normal in light of ... (read more)
How can we be on the waning days of summer already? Didn’t the school year just end? Here in Central Michigan at the Michigan Mortgage Lenders conference, and next week at the California MBA’s Western Secondary (with over 600 registered), an importan... (read more)
Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.
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