Mortgage rates put an end to the most recent spike that followed...
Mortgage rates put an end to the most recent spike that followed last Friday's jobs report. Most of the upward movement happened on Friday, but yesterday offered a modest aftershock. Those two days brought the top tier 30yr fixed rate up to 6.68 from 6.58 on Thursday. Today's average remained perfectly flat at 6.68%. War-related headlines had periodic impacts on both oil prices and the bond/rate market. The scariest moment of the day for rates followed a headline that Iran had shot down a U.S. helicopter. Trump posted that the U.S. must respond to that attack, but subsequent comments minimized the initial sense of urgency. Oil prices definitely bounced higher on the news, but bonds/rates were able to hold their ground without forcing mortgage lenders to raise rates in the afternoon. Tomorrow brings the Consumer Price Index (CPI), which is the earlier of the two official government inflation reports on consumer-level prices. The market is already priced for the median economic forecast, as always. If the actual numbers come in much higher or lower than those forecasts, it could cause volatility for rates in either direction (i.e. higher inflation = higher rates and vice versa).
Mortgage rates put an end to the most recent spike that followed last Friday's jobs report. Most of the upward movement happened on Friday, but yesterday offered a modest aftershock. Those two days brought the top tier 30yr fixed rate up to 6.68 from 6.58 on Thursday. Today's average remained perfectly flat at 6.68%. War-related headlines had periodic impacts on both oil prices and the bond/rate market. The scariest moment of the day for rates followed a headline that Iran had shot down a U.S. helicopter. Trump posted that the U.S. must respond to that attack, but subsequent comments minimize... (read more)
For the second day in a row , bonds are starting out in modestly stronger territory, but let's hope we don't repeat yesterday's performance. That left yields even higher at the close than they were on Friday afternoon. Today's overnight gains leave yields in similar territory to yesterday morning. One redeeming technical development is that yields were willi... (read more)
“Rob, have you heard that retail and DTC lenders have stepped up their training and monitoring of loan officers?” Absolutely. The same granular examination that is applied to borrowers is being applied to LOs, and not only with credit checks and background searches. Originators are expensive, as are leads, and the analysis of LO performance is critical. How ... (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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