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Mortgage News Letter


Mortgage News Daily

Mortgage Rates Lowest Since August Ahead of Fed
Tue, 18 Dec 2018 22:00:06 GMT

Mortgage rates fell today as lenders got caught up with the friendly move in the bond market that we noted yesterday. Incidentally, today's bond market movement was also friendly (i.e. it suggested rates should continue to move lower). There's almost never only one reason that financial markets are doing whatever they're doing, even if there is frequently one reason that's bigger than the others. Both stocks and oil prices were high on the list of reasons for today's interest rate movement. When it comes to stocks, big losses frequently help rates (investors often seek safe-havens when stocks are panicking, and bond markets can be one of those havens. More bond buying = lower rates). When it comes to oil prices, the relationship with rates is far less predictable , but when oil is falling rapidly ...read more

Mortgage Rates Little-Changed Despite Market Gains
Mon, 17 Dec 2018 22:46:39 GMT

Mortgage rates were fairly flat yet again today. Unlike Friday, today's market movement made a case for a bit of a drop. "Market gains" mean different things when talking about bonds/rates (as opposed to stocks). In today's case, bond markets improved while stocks lost ground. In fact, the pace at which stocks lost ground largely explains bond market gains (investors often seek safe-havens when stocks are panicking, and bond markets can be one of those havens). As money flows into bond markets, bond prices rise and rates fall. Mortgage rates are ultimately determined by mortgage lenders, but they'll usually change rate sheets in the middle of the day if bonds are improving quickly enough. Today's bond market gains were big enough to justify so-called "reprices" among mortgage lenders, but that ...read more

Mortgage Rates Preserve Most of Last Week's Gains
Fri, 14 Dec 2018 22:43:29 GMT

Mortgage rates didn't move much today, and that's arguably a good thing. When the week began, we discussed the need for rates to cool-off after last week's rapid drop. Doing so would improve our chances of seeing recently lower rates stick around for more than a fleeting moment. Now here we are on Friday with the average lender not too far from last Friday's 3-month lows. Each passing day this week saw underlying market activity die down as investors circled the metaphorical wagons ahead of next week's big Fed announcement. Much of the recent improvement in rates has come courtesy of the market's read on the Fed. They're expected to be more "dovish" (i.e. more friendly in terms of monetary policy and rate hikes, ostensibly in response a growing case for economic deceleration). While various ...read more

Mortgage Rates Edge Back Down Toward Long-Term Lows
Fri, 14 Dec 2018 00:14:41 GMT

Mortgage rates fell moderately today, helping them move part of the way back down toward their lowest levels in more than 3 months (seen back on Friday). The average lender continues quoting rates that are roughly 3/8ths of a percentage point lower than the highs from early November. Last Friday's low rates marked the culmination of the strongest winning streak for rates of 2018. We've been in a bit of a holding pattern since then, with next week's scheduled announcement from the Federal Reserve likely serving as the motivation for the next (and probably last) big wave of momentum for the year. "Big wave" is more of a relative term, perhaps. It may only end up being "big" relative to the current, fairly flat week leading up to it. Loan Originator Perspective Bonds continued hovering in recent ...read more

Mortgage Rates Could Go Even Higher
Thu, 13 Dec 2018 00:02:34 GMT

Mortgage rates rose more noticeably today as a part of a 3 day bounce after hitting the lowest levels in roughly 3 months at the end of last week. Whereas yesterday's increases weren't really worth mentioning, today's hurt--depending on the scenario. In general, this bounce was to-be-expected. Granted, we can't ever know exactly how big such bounces will be or how long they'll last, but when rates improve for as many days in a row as they recently had, a bounce is increasingly inevitable. So how bad is this one? Not too bad so far. I'm not thrilled about the "3 days" part, but really it's only been today that counts (the other two days were effectively flat). As such, tomorrow and Friday become a bit more important by way of assessing any momentum ahead of next week's Fed Announcement (which ...read more