Interest Rates

Mortgage rates continue operating in a narrow range with almost every day of the past two months falling between 6.8 and 7.0% for a top tier 30yr fixed scenario. Today’s average rate fell 0.03 after moving up 0.06 since June 12th. This morning’s most relevant potential influence–the Retail Sales report–turned out to have a limited […]

While there’s been no shortage of political and geopolitical headlines over the past 2 business days, there hasn’t been much by way of inspiration for the bond market. Bonds (and, thus, rates) have moved nonetheless.   Perhaps it was the lower rates achieved last Thursday that prompted a pullback, or perhaps traders are pricing in some

The top tier 30yr fixed mortgage rate index rose 0.04% on Friday, which would be a medium-sized defeat in and of itself. In the broader context, however, it was an acceptable adjustment on what has otherwise been a solid week.  Specifically, today’s rates are still 0.08% lower than last Friday’s. There were no standout individual

Mortgage rates being offered today are only a hair lower for the average lender than they were on June 4th, but June 4th was the best day since early May.  In other words, today’s average rate is the lowest in just over a month. This didn’t happen by chance. The underlying bond market has been

After a calm start to the week on Monday and Tuesday, we were likely to see a bit more volatility on Wednesday due to important events on the calendar. The first was the morning’s release of the Consumer Price Index (CPI), a key inflation report. Inflation is one of the most basic inputs for the

It was a fairly boring day on what has turned out to be a fairly boring week so far for mortgage rates.  After Friday’s larger spike, we’ve seen a microscopic recovery on each of the past 2 days. In terms of specific index levels, this equates to a 0.04% drop in the top tier 30yr

As hoped, Friday’s big rate spike did not carry additional momentum into the new week.  This is occasionally a risk when rates are responding to big surprise in the jobs report, but slightly less of a risk when the other economic data had been weaker.  All that having been said, it’s not as if we’re

Mortgage rates have enjoyed a nice run since May 21st, with the MND Index (average top tier 30yr fixed scenarios) falling from a recent peak of 7.08% to this week’s low of 6.87%. As recently as yesterday afternoon, rates were still much closer to those lows at 6.89%.  One day can make a big difference

Mortgage rates began the day perfectly in line with yesterday’s latest levels for the average lender. By the afternoon, the underlying bond market had lost enough ground that a handful of lenders were forced to issue mid-day reprices thus taking the average just a bit higher. Unlike the past few days, there wasn’t a highly

Whether or not today’s drop in rates is meaningful depends on one’s perspective, but in the context of recent rate movement, it’s definitely noticeable.  The simplest way to think about the improvement is as follows: the average lender is now about an eighth of a percent lower in just over a week. If we want