Posted To: Mortgage Rate WatchMortgage rates didn’t move today, despite a fair amount of underlying market volatility. Rates are able to weather the sorts of storms you hear about in the stock market in part due to the diminishing returns of stock market drama on the bond market. Along those same lines, the bonds that underlie mortgages specifically don’t tend to react to stocks as much as mainstream bonds like US Treasuries. Holding steady today means that rates remain at their lowest levels in just over 2 weeks. That sounds like a good thing, but the catch is that we really haven’t moved too far from recent highs during that time, and those are the highest highs in more than 7 years. The rest of the week keeps the volatility potential high . There are several important economic reports, culminating in Friday’s big jobs…(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