Posted To: Mortgage Rate WatchMortgage rates haven’t really moved for 9 straight business days. Some lenders have seen microscopic improvements during that time, but the average lender is still quoting the same rates and fees seen on August 13th. The underlying bond market is part of the problem. Bonds–which dictate rates–haven’t been too interested in responding to conventional inputs. The bonds that underlie mortgages are especially guilty (compared to, say, US Treasuries which are more willing to respond to news and events at the moment). That doesn’t mean nothing can happen that would have an effect, simply that the stuff that has happened hasn’t been enough to move the needle. When market participants return in full force in mid-September, this seasonal pattern typically changes. It could even happen sooner, but…(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