Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today for the average lender. Additionally, some lenders bumped rates a bit in the middle of the day in response to weakness in the bond market. That weakness is increasingly tied to broad movement playing out across markets as they respond to coronavirus implications. With several states seeing rising numbers of cases, stocks and rates (via the bond market) moved lower in unison in pre-market trading. This is what allowed mortgage rates to begin the day relatively close to last week’s all-time lows. As the day progressed, the trend shifted toward modestly higher rates and higher stock prices (i.e. risk tolerance improved after investors began the day cautiously). The Federal Reserve announced a start to its corporate bond buying program. While this has no…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: Mortgage News Daily