Posted To: Mortgage Rate WatchMortgage rates were slightly lower today. Unfortunately, that may not be the case by tomorrow morning. Underlying bond markets (which dictate rates) lost ground throughout the day. If trading levels don’t change by tomorrow morning, the average lender will be back up at the highest rates in 7+ years. Many are close enough as it is. The key feature of the past 24 hours was the midterm elections. Bonds improved when democrats won control of the house. This was in line with the average prediction for how elections might impact rates. That said, the fact that bonds have already fully erased that overnight move should let you know just how little the elections mattered in the bigger picture. The longer-term headwinds for interest rates remain entrenched, and it will take a long time or a massive…(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