Posted To: Mortgage Rate Watch

Mortgage rates were very slightly higher today after being modestly lower over the weekend, but in general, remain very close to the lowest levels in more than 3 years. They weren’t too much higher than current levels even before the coronavirus outbreak took center stage, but the virus definitely deserves credit for the extra downward momentum in recent weeks. Given that Chinese equities markets are already indicating the financial market psyche has shifted, it may only be a matter of time before US bond markets (which dictate mortgage rates) follow suit. That’s not to say that bonds must follow stocks. If that were the case, we wouldn’t see bond yields close to all-time lows while stocks are at all-time highs. Rather, it’s simply a comment on the fact that Chinese equities serve as a good…(read more)

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Source: Mortgage News Daily