Posted To: Mortgage Rate Watch

Mortgage rates went to bed last night knowing they were at risk of a volatile day today. Georgia’s senate race has been in focus for 2 months now because it had the chance to change the balance of power in congress. With both seats flipping from red to blue, that’s exactly what happened today. While the election results have only been confirmed for about an hour, the bond market (which underlies interest rate movement) was already bracing for impact in the middle of the night. Specifically, bond yields (aka “rates”) were already quite a bit higher by the time the election was finalized this afternoon. When the bond market deteriorates (aka, moves lower in price and higher in yield), mortgage rates are typically rising at a similar pace. Does the mortgage market r eally care that much about…(read more)

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Source: Mortgage News Daily