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Mortgage News Letter


Mortgage News Daily

Mortgage Rates Up or Down, Depending on Lender
Tue, 02 Jun 2020 20:09:12 GMT

Mortgage rates were mixed today with some lenders improving and others moving higher. This isn't so much a factor of anything that happened today as much as it is about what lenders did yesterday. Specifically, the bond market (which underlies rate movement) was stronger in the afternoon. This meant that mortgage lenders could adjust yesterday's mortgage rates slightly lower. Some of them did. Some of them didn't. Simply put, lenders who kept rates unchanged yesterday afternoon were able to offer slightly lower rates today. Lenders who dropped rates yesterday were forced to increase slightly. In the bigger picture, we're not talking about substantial movement. The average homeowner (or prospective homeowner) will be seeing rates that are effectively at all-time lows , albeit with closing costs ...read more

Mortgage Rates Start Higher But Finish Lower
Mon, 01 Jun 2020 20:57:04 GMT

Mortgage rates pulled off a repeat performance of last Friday's intraday drama. The average lender began the day in higher territory as bond markets were weaker in the morning. Bonds recovered nicely and mortgage lenders were more than willing to adjust rate sheets accordingly. After being in slightly weaker shape compared to Friday's latest levels, the average lender was noticeably better than Friday by the end of the day. What does "noticeably better" look like in objective terms? Depending on your existing rate and scenario, it might not look like much. The industry is pecking away at an all-time low rate range. Progress at these levels will continue to come in bits and pieces. Most prospective borrowers would see this change in the form of lower upfront costs to the tune of 0.1-0.2% of ...read more

Mortgage Rates Stage Nice Comeback, But Uncertainty Remains
Fri, 29 May 2020 22:02:49 GMT

Mortgage rates staged a nice little comeback today, moving back toward the all-time lows seen late last week. Mortgage rates are determined primarily by the bond market, and the bond market benefited from strong demand at the end of the month. Higher demand means higher prices, and higher bond prices equate to lower rates. There has been some concern that the overall bond market (which includes mortgage-specific bonds as well as benchmarks like US Treasuries) was gradually moving toward higher rates in the past few weeks. As of today, however, 10yr Treasury yields (the most quintessential benchmark for longer-term interest rate momentum) improved for a third straight day. This went a long way toward arguing against the recent, gentle uptrend in rates but fell short of suggesting a big drop ...read more

Mortgage Rates Have Already Risen From All-Time Lows (But Only Slightly)
Thu, 28 May 2020 20:51:30 GMT

It's Thursday, and thus time once again for Freddie Mac's weekly mortgage rate survey. This is the longest-running and most widely-cited snapshot of mortgage rates in the US, but it frequently results in misinformation for mortgage shoppers . The survey does an accurate job of capturing the rates available early in any given week, but it doesn't take the entire week into consideration. As such, actual rates can be very different by the time the survey is published (and news organizations are citing it as a breaking story). This is most noticeable when rates make huge moves late in any given week or simply when rates are near all-time lows . In the current case, the average lender was at all-time lows late last week when Freddie's survey wasn't accepting any responses. It's no surprise to see ...read more

Mortgage Rates Hold Steady
Wed, 27 May 2020 21:23:43 GMT

Mortgage rates managed to stay sideways today after beginning the week with a move higher yesterday. This is a victory all things considered. Rates take guidance from multiple sources. When it comes to mortgages, the prices of mortgage-backed bonds are the key ingredients in determining rates. While other factors had a massively outsized impact during the market volatility in March and April, mortgage rates have returned to their normal habit of following bond market cues. If mortgages are taking cues from the broader bond market, where is the bond market getting its cues? In the past few weeks, bonds are just as likely to be watching the stock market for guidance as anything else. This is fairly logical considering both stocks and bonds have a stake in the nation's economic recovery and the ...read more