Tuesday, February 09, 2016

"Mortgage Rates Well Into Mid 3's"

by Bill McBride on 2/09/2016 05:47:00 PM

Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 10:00 AM, Testimony by Fed Chair Janet Yellen, Semiannual Monetary Policy Report to the Congress, Before the Committee on Financial Services, U.S. House of Representatives

• At 2:00 PM, the Monthly Treasury Budget Statement for January.

From Matthew Graham at Mortgage News Daily: Mortgage Rates Well Into Mid 3's

Mortgage rates kept moving lower today as global financial markets remain in distress. This time around, the improvement wasn't as much about the bond market gains as it was about lenders getting caught up with yesterday's gains. ...

Given the timing, it would seem that financial markets are eager to hear from Fed Chair Janet Yellen, who delivers her semi-annual congressional testimony over the next 2 days. ...  The average lender is currently quoting conventional 30yr fixed rates of 3.625% on top tier scenarios, with the 'runner-up' slot quickly shifting toward 3.5% from 3.75% yesterday.
emphasis added
Here is a table from Mortgage News Daily: