Mortgage News

Mortgage Rates Under Some Pressure

Mortgage Rate News - Mon, 07/08/2019 - 18:00
Mortgage rates began the day in slightly lower territory compared to last Friday afternoon, but they'd risen noticeably from Wednesday to Friday. The recovery seen this morning wasn't enough to get them back in line with Wednesday's levels. To make matters slightly worse, by the afternoon, rates started to move up yet again. There are a few important caveats to all of this. First off, very few lenders are far enough away from Wednesday's levels as to be quoting different "note rates." Note rates tend to be offered in 0.125% increments. It takes quite a bit of drama in the bond market (which dictates rates, ultimately) to justify a 0.125% move in the space of a few days. While Friday was indeed the worst day in months for the bond market, it happened to follow the best day in years. For the
Categories: Mortgage News

Mortgage Rates Bounce Higher After Jobs Report

Mortgage Rate News - Fri, 07/05/2019 - 18:03
Mortgage rates moved higher today following higher-than-expected job creation in a report from the Labor Department. The Employment Situation (aka "the jobs report") is the most important monthly economic report. That's especially true for interest rates as no other data is as consistent a source of guidance and volatility. Today's was no exception. In fact, it was being watched a bit more closely than normal because last month's report raised concerns about a potential shift in labor market trends. A separate report from the private payroll firm ADP only added to the concern on Wednesday when it suggested a weaker payroll count for June. But the official jobs number surged right back to the high levels that have characterized what is now the longest running economic expansion... ever. Although
Categories: Mortgage News

Mortgage Rates Edging Lower Ahead of Potential Volatility

Mortgage Rate News - Tue, 07/02/2019 - 16:54
Mortgage rates moved down today by varying amounts depending on the lender. In some cases, lenders weren't offering much of an improvement over yesterday. Those lenders are more likely to improve tomorrow, or at least we can say they'll be starting with an advantage. Other lenders made use of their advantage today. The advantage in question came courtesy of a strong performance in the bond market today. When bonds improve enough, lenders are increasingly likely to re-price their rate sheet offerings for the better. This rarely affects the interest rate itself, but it can reduce closing costs by an eighth of a percentage point on average. There were no significant economic reports out today. The bond market is eagerly anticipating tomorrow's reports ahead of the Independence Day market closure
Categories: Mortgage News

Mortgage Rates Slightly Higher to Begin Risky Week

Mortgage Rate News - Mon, 07/01/2019 - 18:07
Mortgage rates were slightly higher to start the new week, which is a pretty good outcome considering the underlying events. On Friday, we anticipated a pick-up in volatility as rates were at risk of reacting to any meaningful trade news from the G20 summit or any surprises in economic data. The bonds that underlie mortgage rates tend to thrive when economic strength is called into question. Trade wars and weak economic reports are the sorts of things that help rates move lower. As such, it stood to reason that rates might be under some pressure from the somewhat optimistic G20 headlines over the weekend concerning the rebooting of trade talks between the US and China. But the bond/rate market is also very realistic . It knows that no major changes came out of the weekend and that it was still
Categories: Mortgage News

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