Posted To: Mortgage Rate Watch

Mortgage rates didn’t move much today, and the direction of that movement depends greatly on how any given lender reacted to the week’s big news from the Fed (more on that here ) and the FHFA (more on that here ). Some lenders lowered rates very quickly after the FHFA news. That occurred on Wednesday afternoon or Thursday morning depending on the lender. Then the Fed news hit and almost every lender pulled back–some more than others. Refreshingly though, the damage in the mortgage market was much smaller than what we’d normally expect to see given the damage in the Treasury market. This is all made possible by the fact that bond markets continue to allow for rates to be much lower than they currently are and that lender capacity is the key limiting factor (i.e. if they dropped rates any faster…(read more)

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Source: Mortgage News Daily