Posted To: Mortgage Rate WatchMortgage rates were moderately higher today as underlying bond markets continued backing away from their strongest levels in more than 3 weeks (stronger bonds = lower rates). In general, bonds’ strength had come at the expense of the stock market, but it was taking more and more drama in stocks to net the same amount of benefit for bonds. For example, even though the S&P was lower yesterday than it was last Friday, bonds weren’t able to make it back to last Friday’s levels–something they would have easily done if they were keeping a consistent pace with stock losses. With stocks improving modestly today, bonds were logically weaker. To be fair, this relationship won’t always set the tone for bonds, but it has been the biggest consideration this month. The remainder of the week brings several…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631