Interest Rates

Sometimes a Tuesday is just a Tuesday for mortgage rates.  In the present week, any day is capable of generating some volatility due to one of several economic reports on the calendar.  This isn’t always the case, but the first week of any given month is action-packed when it comes to data. Econ data is […]

Mortgage rates have been in an exceptionally narrow range since last Tuesday with the 30yr fixed index hovering just under 7%.  The average lender is just a hair higher today versus last Friday, but still just under 7%. As always, the index is best used as a tool to track day over day changes in

It has turned out to be a surprisingly calm week for mortgage rates and, as of today, largely a victorious one, even if the victories have been modest.  Today’s installment involves a 0.02% drop in the average top tier 30yr fixed rate. This brings the index to the lowest level of the week and a

There was a bit of behind-the-scenes volatility in the bond market today.  Normally, bond volatility translates to interest rate volatility. In some cases, the timing of the volatility is such that  has a minimal impact on mortgage lenders. Today was one of those days. Yesterday evening, news broke regarding a court ruling that would block

After moving moderately lower to start the new week yesterday, mortgage rates backtracked ever-so-slightly today.  Top tier conventional 30yr fixed rates remain just under 7% for the average lender.  They spent 3 days above that mark last week. Rates can move for a variety of reasons with some of the most common being surprising results

The 30yr fixed mortgage rate index spent 3 consecutive days over 7% last week–the first time that’s happened since February.  Rates have generally been in a more volatile, more elevated range for the past 7 weeks compared to the narrow range seen in March. To put that in perspective, the difference between these two ranges

The bond market is scheduled to close 3 hour earlier than normal today–a common practice surrounding federal holiday weekends. This means 3 fewer hours where trading volatility can have an impact on mortgage rate movement.  Said more simply: the day is basically over when it comes to potential intraday rate changes. There is almost always

Mortgage rates hit their highest level in just over 3 months yesterday with financial markets generally protesting the absence of more serious spending cuts in the spending bill.  Rates care about fiscal spending because higher spending requires higher Treasury issuance which, in turn, pushes rates higher, all else equal. Although the House passed the bill

Two days ago, mortgage rates began the day at 7.04% before mid-day improvements brought the average back down to 6.99%.  Today started out in a similar vein with the average lender at 7.05%, but the mid-day movement only made things worse. In terms of catalyst events, the bond market (and stock market, for that matter)

Mortgage rates ultimately managed to hold steady on Tuesday despite some underlying market volatility. Rates change day to day (and sometimes intraday) based on movement in the bond market, and there’s been plenty of that. Yesterday’s market movement was good for rates after starting out near the worst levels since February. This allowed most lenders