by Bill McBride on 10/12/2016 08:05:00 PM
Wednesday, October 12, 2016
From Matthew Graham at Mortgage News Daily: Mortgage Rates at 4-Month Highs
In and of itself, today wasn't too bad of a day. Mortgage Rates were only slightly higher, and were generally unfazed by the release of the Minutes from the most recent Fed meeting. Market participants were concerned about the Minutes making a clearer case for a rate hike at the next meeting. Ultimately, the Minutes didn't tell us anything we didn't already know and bond markets (which dictate mortgage rates) improved.Here is a table from Mortgage News Daily:
Now for the unfortunate aspects of the day! When we consider today in the context of the past 9 days, we see that it prolongs a depressingly long losing streak. Mortgage rates haven't moved lower since September 27th. Moreover, they're roughly a quarter point higher since then! As for today's bond market improvements, they were merely enough to get bonds back near yesterday's latest levels, due to significant overnight weakness. In other words, bonds lost more ground overnight and this morning than they were able to gain back this afternoon.
3.625% is now the most prevalent conventional 30yr fixed quote on top tier scenarios, but several lenders remain at 3.5%.
Posted by Bill McBride on 10/12/2016 08:05:00 PM