Rates
Instant Reaction: Mortgage Rates, November 4, 2021
The 30-year fixed mortgage rate fell to 3.09% this week from 3.14%, good news for homebuyers and homeowners who want to refinance. www.nar.realtor – Research
Mortgage Rates Continue Gradual Recovery
Mortgage rates hit 6 month highs by the end of last week, but they’ve been cautiously recovering since then. The rebound traces a similar pattern in the bond market, as is typically the case considering lenders rely on bonds as the primary ingredient in the interest rate recipe. In simpler, more normal times, bonds would […]
Another Day; Another Long-Term High For Rates
Mortgage rates haven’t really been able to catch a break recently. This week is shaping up to be one of the worst since March. Since then, only 2 other weeks have been worse and they both occurred in the past month. In and of itself, today’s jump in rates wouldn’t be too troubling, but when […]
Are Rates Doomed to Continue Higher?
Posted To: Mortgage Rate Watch After a calm summer at historic lows, interest rate volatility has ramped up heading into the fall. What are rates worried about, and is this just the beginning of more drama? In a word: maybe! Because they’re based on bonds, rates are always worried about anything that can have a […]
Mortgage Application Volume at Three-Month Low; Rates Steady But Volatility Could Return
Mortgage applications declined by the largest margin in three months during the week ended October 1. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. It was the biggest decline since an identical loss during the week […]
Forbearances Expiring; Remote Work Not Killing Cities; Rates Surge Higher Despite Weak Jobs Data
The number of mortgages in forbearance saw its l argest reduction in 12 months l ast week. Black Knight said 177,000 loans exited the program, many of them having reached the end of the 18 months of reduced or suspended payments allowed for those financially impacted by the COVID-19 pandemic. This is an 11 percent […]
Highest Rates in Months Despite Weak Jobs Report
It goes by many names: The Employment Situation, Nonfarm Payrolls (NFP), or simply “the jobs report.” No matter what you call it, the Labor Department’s massive collection of employment statistics is one of the most important events for the bond market every month. For a quick reminder as to why mortgage rates care about the […]
Mortgage Rates Start Stronger But Moved Higher During The Day
Posted To: Mortgage Rate Watch Mortgage rates began the day with promise. Actually, it was the underlying bond market (which largely dictates mortgage rates) was sending promising signals by apparently building on the bigger improvements seen on Tuesday. This is exactly what mortgage lenders needed in order to feel comfortable setting rates at even lower […]
Mortgage Rates Relatively Unharmed, Despite Unexpected Moves in Bonds
It was a busy week for economic data with several reports that were pertinent to the housing market. In addition to being the perennial top dog among economic reports, this Friday’s jobs report was especially important due to its role in the Federal Reserve’s decision-making process. The Fed is widely expected to announce a forthcoming […]
Mortgage Rates Drift Up From Recent Lows
Posted To: Mortgage Rate Watch Mortgage rates were unchanged to slightly higher today, depending on the lender. The differences in pricing strategies stem from the timing of changes in the bond market. Mortgage lenders set their rates based on the prices of mortgage-backed securities (MBS), which change constantly throughout the day. Despite those changes, there’s […]