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Mortgage News Letter


Mortgage News Daily

Mortgage Rates Match 7-Week Lows
Wed, 21 Apr 2021 19:59:48 GMT

Last Thursday was the best day for mortgage rates in more than a month, and while they bounced back up on Thursday afternoon, they've been falling modestly since then. Yesterday got us close to last Thursday's lows. Today helped us match them. That means today's rates are the lowest in exactly 7 weeks. You'd have to go back to March 2nd or 3rd (depends on the lender) to see anything lower. What have the swings been like over this time? Not insignificant, actually! The average conventional 30yr fixed rate rose by 0.25% i n March and has fallen by as much in April. Please note, however, that the things can vary quite a bit depending on the specifics of your scenario and the rate itself. Due to the structure of the bond market that underlies mortgage rates, lender compensation does NOT change ...read more

Mortgage Rates Back Near Lowest Levels in Weeks
Tue, 20 Apr 2021 20:35:57 GMT

Mortgage rates hit their lowest levels in more than a month last Thursday, but reversed course later that afternoon. With that, it looked like rates would continue settling in to a sideways range for April (not a bad outcome considering the abrupt rate spike seen in the first 3 months of the year). But now today, the bond market (the primary consideration for mortgage rates) bounced back into the same stronger territory seen last week. Most mortgage lenders updated their pricing by the afternoon, bringing the average conventional 30yr fixed quote back near last week's lows. Based on the ground covered so far this year and the risk for additional upward pressure in the future, merely holding steady is a victory . Days like today, where rates move unexpectedly lower, are pleasant surprises, but ...read more

Best 2 Weeks For Rates in Nearly a Year
Fri, 16 Apr 2021 21:22:59 GMT

The bond market has been pointing toward higher rates since last August. Mortgage rates were able to defy that trend at first, but finally began spiking in the new year. February and March were two of the worst back-to-back months in years. The higher rates went, the more likely it became that we'd see at least some sort of push back in the other direction. Anticipation and anxiety were running high as rates hit long term peaks at the end of March. Now 2 weeks in, April is clearly the month we were hoping it would be. Rates haven't dropped this quickly since the pandemic began What's with the change of heart? The bond market (which dictates rates) has a few quintessential sources of motivation. "The economy" is at the top of that list. Indeed, a brighter economic outlook (due to vaccines, falling ...read more

Mortgage Rates Falling Quickly to Lowest Levels in Weeks
Thu, 15 Apr 2021 20:56:26 GMT

It's no secret that mortgage rates had a rough month in March and a rough year in general. The average lender raised 30yr fixed rates by roughly half a percent in February and March alone. But April has proven to be an entirely different sort of month so far. In the past 2 weeks, rates are down nearly a quarter of a point on average. Today played a critical role in the improvement as lenders responded in waves to an exceptionally strong day for the underlying bond market (bonds are the primary driver of day-to-day rate fluctuations). One of the most interesting things about today's move was that the bond market improved AFTER a slew of significantly stronger economic data. That's interesting because the quintessential reaction function in the bond market is exactly the opposite! In other words ...read more

Mortgage Rates Lowest in Nearly a Month
Tue, 13 Apr 2021 20:19:54 GMT

Slow and steady wins the race, and mortgage rates have been making slow, steady progress back down from recent long-term highs seen at the end of March. Over that time, the average conventional 30yr fixed rate quote has fallen anywhere from .125 to 0.25% depending on the lender. That's not a bad move over the course of 2 weeks and especially in an environment where lenders have every right to be defensive. After all, there have been numerous "false starts" for the sort of winning streak we're currently enjoying. Beyond that, with rates so closely tied to covid and the economy , "higher rates in 2021" has been an easy thesis for market watchers. Anything that runs counter to that will need to bring a compelling explanation. It's no surprise, then, to see the "pause" of the J&J vaccine in ...read more